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MRC postpones LNG venture with 2 Chinese firms

MRC Allied Inc. said Thursday it put on hold its planned liquefied natural gas projects with China Engineering Corporation Limited and China Energy Engineering Group Guangdong Co. Ltd.

MRC earlier announced that its one-year memorandum of understanding with CEEC and GPEC expired in December 2018 and that it was studying the way forward for the LNG project.

“It has been recommended by the technical team of MRC that the LNG projects of the company be put on hold considering that the Department of Energy is finalizing its guidelines and implementing rules and regulations governing liquefied natural gas projects,” the company said in a disclosure to the stock exchange.

The parties were supposed to conduct project evaluation and due diligence to determine the feasibility of pursuing an LNG project during the one-year MOU period.

The MOU was for the parties to explore the possibility of investing, constructing, developing and operating LNG projects in the Philippines.  “In the meantime, MRC will be focusing its efforts on completing its existing Solar PV Projects,” it said.

MRC and GPEC also have a separate a memorandum of understanding for the development of renewable energy projects in the Philippines.

GPEC is a foreign company based in Guangzhou which is engaged in the business of exploration, development and construction of energy projects.

CEEC is a company established and incorporated in Beijing which is in the business of exploration, development and construction of energy projects. 

MRC  has been pursuing several projects to achieve its 1,000-MW goal in the next five years.

It ventured into solar rooftop projects and entered into negotiation to install solar rooftop systems of  XRC Mall Developer Inc., the operator and builder of Xentro Malls.

MRC also acquired a 15-percent stake in the 50-MW solar project of Sulu Electric Power and Light Philippines Inc. in Leyte.

MRC is also developing a 100-MW solar project in Pampanga and a 60-MW solar project in Cebu which are in the advanced stages of pre-development.

Topics: MRC Allied Inc. , liquefied natural gas , China Engineering Corporation Limited , China Energy Engineering Group Guangdong Co. Ltd.
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