Phinma Energy Corp. is keen on developing an integrated liquefied natural gas facility in Sual, Pangasinan, an executive said over the weekend.
Phinma senior vice president for energy resources development Raymundo Reyes said the feasibility study for the project was expected to be completed early next year.
He said the planned LNG facility, which would include a 380-megawatt LNG power plant, drew strong interest from potential partners.
“We are still deciding, maybe by second quarter of next year. We will talk with potential partners,” Reyes said.
Reyes said the feasibility study would include the costing, different options or configurations of the LNG facility.
He said Phinma Energy was likely to make the final investment decision by early 2018, as it needed to raise financing for the project.
Reyes said the company was still keen on the project after announcing its initial plan in April.
“We have long been interested. We tried to be part of Shell…but they have not pushed through with the FSRU [floating, storage, regasification unit],” Reyes said.
Phinma announced in April that the LNG facility would include an import terminal and natural gas plant estimated to cost at least $500 million.
Reyes earlier said the planned LNG facility would be enough to power a 500-megawatt gas-fired power plant.
The company said in a separate disclosure “it is seeking to expand operations to include the midstream sector,” which involves the transportation and delivery of petroleum products.
“Tapet is currently conducting a pre-feasibility study for the construction of a liquefied natural gas import terminal at a prospective site in Sual, Pangasinan,” Phinma said, referring to unit Trans-Asia Petroleum Corp.
“The facility is intended to supply gas for power generation as well as for industrial, commercial and transport applications,” the company said.
Phinma Energy president Francisco Viray said the company was going ahead with the study while waiting for the fuel generation mix policy from the government.
“The study will determine the economics of the project,” he said.