PNOC Signs MoU with Chinese Firm

Philippines state-run Philippine National Oil Co. (PNOC) and China Petroleum Pipeline Engineering Company will look to work together in LNG sector in the southeast Asian nation, PNOC said July 29.

The two companies have signed a memorandum of understanding to “jointly pursue LNG, refinery, and oil depot projects all over the country”, PNOC said in a statement without providing any further details.

Earlier this year, PNOC signed a MoU with Manila-listed Phoenix Petroleum and Chinese state-owned Cnooc to be part of the LNG project being developed by Tanglawan Philippine LNG —a planned joint venture between Phoenix and Cnooc.

Tanglawan's 2.2mn mt/yr terminal is expected to start operations in 2023. The new venture also aims to develop a gas-fired power generation facility with up to 2,000 MW installed capacity.