Trans-Asia Petroleum Corp., a unit of Trans-Asia Oil and Energy Development Corp., is studying the feasibility of putting up a liquefied natural gas import terminal and natural gas plant in Sual, Pangasinan estimated to cost at least $500 million.
Trans-Asia Petroleum executive vice president Raymundo Reyes Jr. said during the stockholders’ meeting Tuesday the planned LNG facility would be enough to power a 500-megawatt gas-fired power plant.
The company, in a separate disclosure, said “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,” it said.
“The facility is intended to supply gas for power generation as well as for industrial, commercial and transport applications,” it added.
Trans-Asia Petroleum president and chief executive Francisco Viray, said the pre-feasibility study for the LNG facility would be completed by the middle of the year.
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.
He said Trans-Asia Petroleum was also open to potential joint ventures, adding the company would offer the output as “baseload and mid-merit.”
Trans-Asia Petroleum assured it would maintain its interest in local petroleum service contracts. The company said “it is also actively seeking upstream investment opportunities in the region, in particular those that involve petroleum assets with existing production or are in the development stage.”
The company has stakes in service contract 6 Block A (offshore northwest Palawan), SC 6 Block B (offshore northwest Palawan), SC 51 (East Visayas), SC 55 (deepwater West Palawan), SC 69 (Central Visayas) and SC 50 (North Palawan).
Viray said the company expressed interest in LNG two years ago pending a policy from the government
Trans-Asia Oil and Energy, meanwhile, is also developing a coal-fired power plant also in Sual, Pangasinan with an output of up to 900 MW.
It also a 50-percent stake in the 270-MW South Luzon Thermal Energy Corp. in Calaca, Batangas. The company also owns power barges 101, 102 and 103 with a combined capacity of 96 MW.
Trans-Asia also owns the 54 MW Guimaras wind project and has a stake in the 20-MW Maibarara Geothermal Inc.
