The board of Phoenix Petroleum Philippines approved the investment of P250 million, including the formation and organization of a new company, for a liquefied natural gas project.
The board authorized the company to to enter into joint cooperation or venture with China National Offshore Oil Corp. Gas and Power Group for a liquefied natural gas project in the country.
The board also approved the joint venture with CNOOC “for the operation and establishment of various LNG-related trades and services under the LNG Integrated Hub Project in the Philippines.”
It cleared Phoenix to form and organize a new wholly-owned subsidiary or company to manage the corporation’s LNG interest in the LNG Integrated hub project, including the receiving terminal for LNG and operation of a gas-fired power plant.
The investment and formation of the new company is subject to stockholder’s approval during the annual meeting in March.