By
Lenie Lectura - July 29, 2019
THE Philippine National
Oil Co. (PNOC) and the China Petroleum Pipeline Engineering Co. Ltd. (CPP)
will partner to look for opportunities in the LNG (liquefied natural gas)
sector.
Both signed a
memorandum of understanding (MOU) “to jointly pursue LNG, refinery,
and oil depot projects all over the country.”
The state firm did not
provide further details.
Wang Hai Tao, CPP
director; Dong Xu, CPP president for Southeast Asia, and PNOC President Reuben
Lista signed the MOU.
Earlier, Phoenix Petroleum
and China National Offshore Oil Corp. (CNOOC) also signed an MOU with
PNOC.
The MOU will allow the
three companies to explore and discuss business opportunities and cooperation
in relation to the equity investment in Tanglawan Philippine LNG Inc. and other
companies relating to the project, as well as on PNOC facilities, market
development, PNOC banked gas and future energy projects.
Tanglawan is a planned
joint venture between Phoenix Petroleum and CNOOC Gas and Power Group Co. Ltd.,
China’s largest LNG importer and terminal operator.
PNOC and Tanglawan are
trying to find ways to maximize the remaining 97.67 petajoules Malampaya banked
gas, valued at $700 million to $750 million.
“If their LNG power
plant will push through they will study if they can buy our banked gas. They
will consider if it is viable for them to buy the banked gas from us when the
power plant is operational,” Lista earlier said.
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