Business World Online
Posted on March 20, 2014 10:48:40 PM
THE DEPARTMENT of Energy (DoE) has secured $1 billion worth of loans from the Export-Import Bank of the United States (Ex-Im Bank) to support the government’s renewable energy and liquefied natural gas (LNG) sectors, the agency yesterday said in a statement.
The DoE said it signed a memorandum of understanding with Ex-Im Bank for the financing, which DoE Undersecretary Raul B. Aguilos said is "an important venue to cultivate partnerships and cooperation between the Philippine government and the American private sector."
Under the agreement, the DoE and Ex-Im Bank will work together in promoting business development opportunities on renewable energy and LNG facilities, including port, receiving terminals, regasification facilities, pipelines and other transport infrastructure.
The agreement was signed by Mr. Aguilos and Patricia M. Loui, member of the Ex-Im Bank board of directors.
The DoE said the funds will help support its target of increasing the country’s renewable energy capacity to 9,930 megawatts.
In terms of LNG, the agency said it is pushing for the development of a natural gas master plan in cooperation with the World Bank, through its transaction advisors, the Lantau Group and Arup.
"Conducted in three phases, the phase 1 and 2 of the plan will be on the establishment of an investment and transactional framework, of which phase 1 was already completed and Lantau is now working on the Phase 2 of the study. The phase 3 will involve the creation of a master plan for the longer term," the DoE said. -- Daryll Edisonn D. Saclag source
No comments:
Post a Comment