Published November 23, 2018, 10:00
PM By Myrna
M. Velasco
State-run Philippine National Oil
Company (PNOC) has formally suspended proceedings on its search for a strategic
partner on planned floating storage regasification unit (FSRU) project for the
country’s liquefied natural gas (LNG) hub aspiration.
In a new bulletin issued to
prospective bidders, the company stipulated that the scheduled pre-eligibility
conference on December 4 and the submission of eligibility documents on January
22, 2019 are “postponed until further notice.”
The deferment of PNOC’s search for a
strategic partner was first hinted to the media by the Department of Energy
(DOE) – with it indicating that the joint venture of businessman Dennis Uy and
China National Offshore Oil Corporation (CNOOC) is already leading in the
investor-choice for the propounded LNG facility.
The proposed LNG venture will
underpin the reset of the Philippine gas market following much-anticipated
production decline at the Malampaya field.
PNOC has been counting on the offers
of several prospective foreign partners on its proposed FSRU facility which may
command investment ranging from US$600 million to US$1.4 billion.
It has been the Asian Development
Bank (ADB) that it tapped as transaction advisor on tapping a co-venturer for
the planned 3.0 million tons per annum of LNG import terminal.
PNOC is originally in the shortlist
of the energy department – along with other investor-groups to potentially set
up the country’s LNG import facility.
Energy Secretary Alfonso G. Cusi
previously told media that they will start selecting the LNG investor by the end
of this month, so project developments could already kick off next year.
PNOC itself has changed
configuration on its quest for a strategic partner – that instead of pursuing
5.0 mtpa capacity for the LNG terminal, that had been preliminary reduced to the
level of current industry needs and will just ramp up eventually according to
market demand expansion.
The state-run company also carved
out the proposed banked gas sale and power plant development from its original
project blueprint.
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