Businessman Gregorio Araneta III is still hoping his proposed $2.4-billion “energy city” will push through despite the recent decision of state-owned Philippine National Oil Co. to reject the offer.
Araneta said at the sidelines of Philweb stockholders’ meeting the project could be one of the biggest Japanese investments in the Philippines. Araneta is teaming up with Mitsui of Japan, the biggest trader of liquefied natural gas, and Osaka Gas for the venture.
Araneta’s group plans to initially build a 600-megawatt LNG power plant for roughly $1.2 billion. It could be increased to 1,200 MW and eventually to 2,000 MW.
Araneta through Energy Oil and Gas Holdings Inc. earlier submitted an offer to PNOC to build the energy city at an industrial park in Limay, Bataan.
EOGHI wants to lease the entire 220 hectares owned by dissolved PNOC Alternative Fuels Corp. from its previous offer of 90 hectares.
