(The Philippine Star) | Updated October 31, 2016 - 12:00am
MANILA, Philippines –
Trans-Asia Petroleum Corp., a subsidiary of Phinma Energy Corp., is conducting
a study to develop a liquefied natural gas (LNG) terminal and 380-megawatt (MW)
power plant in Sual, Pangasinan.
The company is
currently doing a feasibility study on a LNG receiving terminal and a power
plant in the province which will be finished in early 2017, Trans-Asia
Petroleum executive vice president Raymundo Reyes said.
“The study involves
everything, even costing. It also includes different options and
configurations, whether FSRU (floating storage and regasification unit) or
terminals,” he said. “It will be finished early next year, in the first
quarter.”
Last April, the company
announced it is venturing into the LNG sector amid the need for new sources of
fuel as the Malampaya deep water gas-to-power project is nearing depletion by
2022 or 2024.
The LNG integrated
facility will be adjacent to the company’s $1-billion, 900-MW coal-fired power
plant in the province currently under development.
Once the study is
finished, Trans-Asia will scout for potential partners for the development of
the LNG facilities, Reyes said.
The company official
said they are in talks with those interested to develop the terminal, the power
plant and those interested to supply gas.
“There are a lot of
potential partners but we are still deciding. Probably by second quarter of
next year, we will talk with potential partners,” Reyes said.
Once partnerships are
forged, Trans-Asia will make a final investment decision (FID) in 2018.
“The final investment
decision will come in early 2018 because we still need to secure financing,”
Reyes said.
The company is eyeing
the power plant to have bilateral contracts and as a merchant plant, or by
selling through the wholesale electricity spot market.
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