Published
By Myrna M. Velasco
A tripartite deal has
been cemented between and among Phoenix Petroleum Philippines Inc., China
National Offshore Oil Corporation (CNOOC) and Philippine National Oil Company
(PNOC) for partnership in the targeted US$2.0 billion worth of investments in
liquefied natural gas (LNG) facilities – although equity sharing will still be
the next phase of their negotiations.
The memorandum of
understanding (MOU) was sealed Thursday (February 28) by Phoenix Petroleum
President Dennis Uy ; PNOC President Reuben S. Lista; and CNOOC Gas &
Power Group Co. Ltd. Chief Finance Officer and Vice President Wu Zhengxing.
In a statement to the
media, Phoenix Petroleum noted that “the MOU will allow the three companies to
explore and discuss business opportunities and cooperation in relation to the
equity investment in Tanglawan Philippine LNG Inc..”
Tanglawan is the corporate vehicle that was first given a notice-to-proceed
(NTP) by the Department of Energy (DOE) to build a commercial-scale LNG import
terminal with 2.2 mtpa capacity.
The company was first
declared as a joint venture between Phoenix Petroleum and CNOOC; then PNOC had
been tapped to join as the third partner in the targeted gas
technology-anchored ventures.
According to Phoenix
Petroleum Senior Vice President Alan Raymond T. Zorrilla, “the details of the
equity participation will be part of subsequent definitive discussions among
the three parties.”
As of this writing, the
Uy-led firm just indicated that the PNOC facilities as well as its banked gas
shall become part of the matters to be discussed at the negotiating table
moving forward.
Lista further qualified
“it’s just the MOU that we signed. We’re still talking on equity participation,
it will be dependent on the total cost of investments.”
The propounded LNG projects – as hinged on the ‘hub concept’ espoused by Energy
Secretary Alfonso G. Cusi, is expected to break ground within the year – both
for the blueprinted LNG import facility and the integrated power plant
component.
As asserted by Phoenix
Petroleum Chief Operating Officer Henry Albert Fadullon, “the LNG hub is a
crucial project that will provide long-term solutions for our country’s energy
needs,” and added that “the strategic alliance among our companies will further
secure the continuous development of the venture.”
The target completion
of the LNG terminal, which is the key component of the project, is year 2023 –
and this is being aligned as a replacement in case the Malampaya field already
runs out of gas production in the next 4-5 years.
‘
‘
As asserted by Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon,
“the LNG hub is a crucial project that will provide long-term solutions for our
country’s energy needs,” and added that “the strategic alliance among our
companies will further secure the continuous development of the venture.”
The target completion
of the LNG terminal, which is the key component of the project, is year 2023 –
and this is being aligned as a replacement in case the Malampaya field already
runs out of gas production in the next 4-5 years.
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