PHOENIX
Petroleum is partnering with CNOOC Gas and Power Group Co.
Ltd. to develop the country’s first liquefied natural gas (LNG)
receiving terminal.
Phoenix
said on Tuesday that it signed a memorandum of understanding (MOU)
with the CNOOC to study, plan and develop a LNG receiving terminal project
in the Philippines.
CNOOC
Gas and Power is a subsidiary of China National Offshore Oil Corp., China’s
largest LNG importer and terminal operator.
The
MOU, signed on June 5, for the LNG project will potentially broaden Phoenix
Petroleum’s portfolio of new businesses, which now includes LPG, convenience
retailing, asphalt, and e-transactions.
Last
year the company acquired Petronas Energy Philippines Inc., now Phoenix LPG
Philippines Inc. Earlier this year Phoenix bought Philippine FamilyMart as it
diversified to the convenience-store retailing business. The company also
recently broke ground for its asphalt plant under Phoenix Asphalt Philippines
Inc., a joint venture of Phoenix Petroleum, Tipco Asphalt of Thailand and
PhilAsphalt. Last week Phoenix Petroleum acquired a majority stake in digital
transactions company Action.able.
No
other details were provided.
The
Department of Energy (DOE) recently revealed that CNOOC was among the 10
interested firms to put up an LNG facility in the country.
The
DOE said it has already conducted pre-application conferences for the proposed
LNG projects of the following potential project proponents: Cleanway Energy
Department Corp., First Gen Corp., Tokyo Gas Co. Ltd., CNOOC and Philippine
National Oil Co., Vires Energy Corp., SK E&S Co. Ltd.
Likewise,
the two pre-application conferences have been scheduled for the proposed LNG
projects of Carmine Energy Pte. Ltd. and DeEnergy International Corp.
The
DOE recently issued the rules governing the Philippines Downstream Natural Gas
Industry. Interested LNG investors have long waited for this policy meant
to guide them in pursuing this capital-intensive project.
Department
Circular 2017-11-0012 also outlines the issuance of permit on the construction,
expansion, rehabilitation, modification, operation and maintenance of
downstream natural gas facility.
Prior
to the granting of the permit, the potential project proponent, as an initial
step, shall request for a pre-application conference to present the general
project concept to the Centralized Review and Evaluation Committee, as
well as to include the discussions on any clarification of the rules and
requirements of the permit application, said the DOE.
The
LNG project should be completed before the expected depletion of the
Malampaya offshore gas find near Palawan Island in 2024.
LNG
is natural gas converted into a liquid state for easier storage and
transportation. Upon reaching its destination, LNG is regasified so it can be
distributed through pipelines as natural gas.
Energy
Secretary Alfonso G. Cusi said the government is aiming to turn the Philippines
into a hub for LNG. Currently, around 3,500 megawatts of power-plant capacity
is dependent on the country’s sole natural gas source.
The
agency also intends to put up a 5 metric tons per annum integrated LNG facility
in a bid to ensure the continued supply of gas.
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