Published
By Myrna M. Velasco
Dubai-headquartered
Lloyds Energy had been the first accorded a “letter of completeness” on the
‘unsolicited proposal’ it had submitted for the US$2.0 billion worth of
liquefied natural gas (LNG) chain of infrastructure projects of state-run
Philippine National Oil Company.
A highly placed source
has disclosed that the PNOC management’s sending of “letter of completeness” to
the United Arab Emirates firm had been presented to the company’s board last
week; and imprimatur to such was accordingly given.
Lloyds Energy is a LNG
developer firm and has been touted on its expertise of providing chain of
solutions to near-shore floating LNG facility concept. For the Philippines LNG
venture, the UAE firm has been reported to be eyeing partnership with Tokyo Gas
Co. Ltd.
It had been emphasized
though that the correspondence is not a manifestation yet of any front-running
chance in PNOC’s selection of a prospective partner on its LNG ventures.
Instead, the source
noted that such is an “indication that the unsolicited offer complies with laws
governing the selection of a partner by PNOC being a state-owned company – be
it through a JV (joint venture) arrangement or a BOT (build-operate-transfer)
deal.”
“Basically, the PNOC
management informed the Board that it had already sent ‘letter of completeness’
to Lloyds Energy…it’s the first one to be given with that letter from its LNG
project bidders,” the source stressed.
PNOC management
indicated last week that it had shortlisted three prospective partners – based
on the unsolicited tenders forwarded by at least seven investor-groups.
It has been emphasized
that the same presentation of ‘letters of completeness’ will likely be done at
the Board on its forthcoming meetings – at least two more offers are expected.
As further gathered,
the PNOC management has also sought the nod of its Board on the crafting of
criteria (legal, financial and technical terms) on ranking the tenders lodged
by interested co-venturers. The Asian Development Bank has been tapped as
transaction advisor.
And from the final
selection that the state-run firm will have on its JV or BOT deal, that will
still need to go through “Swiss challenge,” the mode of competitive selection
that the Duterte administration has been setting forth for its infrastructure
projects.
Given the lengthy
processes yet that PNOC would need to hurdle on its partner pick, the timeframe
of its LNG project implementation will already be pushed back to 2019.
On the roll of
unsolicited offers’ submissions to PNOC have been China National Offshore Oil
Corporation; First Gen Corporation; Indonesian firms PT Jaya Sumadra Karunia as
well as PT Perusahaan Gas Negara LNG/PT Bosowa Corporindo and local partner MOF
Corporation; and that of the Energy World Corporation.
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