Stockholders of Phoenix Petroleum Philippines allowed the company or any of its subsidiaries to enter into a joint venture agreement with China National Offshore Oil Corp. to operate and establish various liquefied natural gas-related trade and services under the LNG integrated hub project.
Phoenix disclosed to the Philippine Stock Exchange on Monday shareholders also approved an initial investment of P250 million in the LNG project.
Phoenix said it obtained approval “to form and organize a new corporation, a wholly-owned subsidiary of the company to manage the corporation’s LNG interest in the LNG integrated hub project.”
The Phoenix board last month allowed the company to enter into joint cooperation or venture with CNOOC Gas and Power Group for a liquefied natural gas project in the country.
Tanglawan Philippine LNG Inc., the LNG project of Phoenix and CNOOC, in December received the notice to proceed with a $2-billion liquefied natural gas project. State-owned Philippine National Oil Co. will also take a stake in the project. “‹
