By Lenie
Lectura - November 7, 2019
Pilipinas
Shell Petroleum Corp. (PSPC) is in talks with Philippine National Oil Co.
(PNOC) for the sale of Malampaya banked gas, according to the state firm’s
president.
PNOC
President Reuben Lista said he was informed that PSPC is interested to purchase
unused Malampaya gas, or more known as banked gas.
“Isn’t
it that PSPC is buying? Magbebenta na naman si Glenda. Sila ang nag
ne-negotiate. Di ba bumili sila ulit [Glenda is selling again.
They’re negotiating. Aren’t they buying again?]” Lista said, referring to PNOC
Senior Vice President for Finance and Administrative Services Glenda Martinez,
whom he asked to confirm this.
Though
there were discussions on this, Martinez said PSPC has yet to put its offer on
the table. “It’s 2.7 petajules [Pj], pero wala pang presyo [but there’s
no price set yet],” she said, while adding that PNOC’s previous computation on
the value of banked gas reached $10.50 per Pj.
Lista
said the ideal price for banked gas in the international market is $10.52 per
Pj, “but we are selling it at $9.70 something.”
The
total remaining banked gas is recorded at 97.67 Pj valued at $700 million to
$750 million.
The
PNOC board earlier authorized the PNOC management to enter into comprehensive
discussions or negotiations below the $6.616 per Pj under the
Ilijan gas-fired power plant’s gas and sale purchase agreement
(GSPA).
Ilijan
power plant, one of the gas plants fueled by the Malampaya gas facility, has a
contract with the Malampaya consortium that will expire in 2022.
PNOC-Exploration
Corp. (PNOC-EC), which is part of the consortium, bought 108.6 Pj in 2009
valued at P14.4 billion. Of this, 4.61 Pj was sold to the Power Sector Assets
and Liabilities Management Corp. (PSALM) in 2013 for P937 million.
PNOC
also sold 6.324 Pj to PSPC in 2015 for P2.5 billion.
“Don’t
worry about the banked gas, we will sell it at the proper time [when it will
benefit the nation, instead of selling at $2.50 [when there’s no benefit],”
Lista said in a mix of English and Filipino. He pointed out that “whoever puts
up today an LNG power plant, aside from Ilijan and First Gen,” will have
nowhere to turn to but “banked gas only” to buy cheaper gas.
He
said earlier three firms have signified interest to purchase the remaining
banked gas. He declined to identify them, as they have yet to submit a formal
letter of interest.
Earlier,
Phoenix Petroleum and China National Offshore Oil Corp. (CNOOC) signed a
memorandum of understanding with PNOC.
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. and other companies relating to the project, PNOC
facilities, market development, PNOC banked gas and future energy projects.
Tanglawan
is a planned joint venture between Phoenix Petroleum and CNOOC Gas and Power
Group Co. Ltd., China’s largest LNG importer and terminal operator.
PNOC
and Tanglawan are trying to find ways to maximize the
remaining banked gas.
First
Gen Corp. is also putting up its LNG facility.
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