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Friday, March 29, 2024

PNOC, Phoenix and CNOOC Gas sign agreement

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State-owned Philippine National Oil Co., Phoenix Petroleum Philippines Inc. and CNOOC Gas and Power Group Co. Ltd. signed a memorandum of understanding on the liquefied natural gas project of Tanglawan Philippine LNG Inc.   

“We warmly welcome the potential addition of PNOC in the LNG hub project we have been planning to venture on with CNOOC G&P. The LNG hub is a crucial project that will provide long-term solutions for our country’s energy needs, and the strategic alliance among our companies will further secure the continuous development of this venture,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon.

The agreement will allow the three companies to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan Philippine LNG and other companies relating to the project, PNOC facilities, market development, PNOC banked gas and future energy projects.

Phoenix Petroleum president and founder Dennis Uy, CNOOC G&P chief finance officer and vice president Wu Zhengxing and PNOC president and CEO Reuben Lista signed the agreement in a meeting held at the Department of Energy office in Taguig City on February 28, 2019.

The LNG hub project is expected to break ground on the re-gasification and receiving terminal with a capacity of 2.2 metric tons a year within the year, with commercial operations set to start by 2023.

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The facility will help support the demand for a clean, competitive and environment-friendly energy source in Luzon, and provide energy security for the country. It also aims to develop a gas-fired power generation facility with up to 2,000 megawatts of installed capacity.

Phoenix last month confirmed talks with PNOC “in hopes to secure a strategic alliance with the state-owned firm in its LNG hub project.”

The Department of Energy has issued a notice to proceed to Tanglawan for the construction of an LNG re-gasification terminal in Batangas province.

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