Published
By Myrna M. Velasco
A ‘conditional sale’
pact has been signed between Tanglawan LNG Philippines Inc. and AG&P on the
purchase of the latter’s property as the site of the liquefied natural gas
(LNG) terminal project of the joint venture of Uy’s Phoenix Petroleum
Philippines Inc. and China National Offshore Oil Corporation (CNOOC).
As disclosed to the
media, the document on the ‘conditional sale’ of the prospective project site
was submitted to the Department of Energy (DOE) as among the documentary
justification for the US$2.0 billion integrated LNG projects of the Phoenix
Petroleum-CNOOC tandem.
“AG&P and Tanglawan
LNG have signed a ‘conditional sale’ on the project site… and the document was
submitted to us,” Energy Undersecretary Donato D. Marcos said. The targeted
project site is in Batangas province.
Beyond that, Marcos noted that the property of the National Development Company
(NDC) is also eyed as an alternative project site – primarily the previous site
of the Chevron refinery in San Pascual, Batangas.
The energy official
explained that project location, financial closing as well as the existence of
a captive market’ or anchor load for the LNG import facility had been among the
justifications required by the DOE on its issuance of a notice-to-proceed (NTP)
to the Uy-CNOOC tandem.
Following that, he
noted that Tanglawan LNG would still need to submit additional requirements –
including documents that would show viability of its proposed 1,100-megawatt
gas-fired power facility. This is due in the next six months.
“In the NTP given to
Tanglawan, there are provisions there stating that they will need to submit
additional papers – including those that will firm up their seriousness on the
1,100MW power plant project,” he stressed.
Marcos indicated that the proposed gas-fed power facility will be the initial
captive market of the 2.2 million tons per annum (mtpa) LNG terminal that the
Filipino-Chinese joint venture will be putting up.
“The power plant
project was part of their identified captive market. So in the next six (6)
months, we should be able to see that there’s seriousness for them to have that
concretized,” Marcos
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