By
Lenie Lectura - April 11, 2018
PHINMA Energy Corp. is going into the fuel-supply business that will
primarily serve the requirements of its energy arm.
During the company’s
stockholders’ meeting on Wednesday, Phinma announced that its subsidiary, One
Subic Oil Distribution Corp., will enter the fuel- supply business as a means
of mitigating the domestic fuel-supply risk.
The entry into this
business will provide the company with an immediate diversification platform.
In the future, Phinma President Francisco Viray said the company “will
exploit opportunities along the value chain.”
At end-2017, One Subic
Oil completed commercial and technical analysis of this new business venture.
It is currently securing the permits necessary to initiate the short
construction period for the required facility.
Viray said the business
will be operational within the year.
“We are just waiting
for the necessary permits from Subic Bay Metropolitan Authority.. But it will
be this year,” he added.
The facility will
initially be able to accommodate 16 million liters of fuel. Phinma’s
energy requirements to fuel some of its peaking plants is estimated to use up
50 million liters. These include the plants of CIP II Power Corp., Phinma
Power Generation Corp., One Subic Power Generation Corp. and power barges
101 and 102.
Phinma’s diesel plants,
officials said, they will continue to be a valuable source of power to
the Luzon grid. Diesel plants are capable of being dispatched immediately
at short notice, making them suitable for ancillary-service operations.
Phinma’s total
attributable capacity in 2017 stood at 636.4 megawatts from 639.4 MW in 2016.
No comments:
Post a Comment