State-run Philippine National Oil Co. signed a memorandum of understanding with Dubai-based Lloyds Energy to explore ways to develop liquefied natural gas facilities and natural gas power plants in Bataan and Batangas provinces.
“The country needs an LNG power plant and an oil depot. These steps will encourage also the private sector to consider these directions, just like what we did with the LNG hub,” PNOC president Reuben Lista said when asked for comment.
The agreement, which also explores the viability of oil importation and storage, was signed on Monday. Lista did not disclose details of the MOU because of non-disclosure provisions.
“It’s a welcome development as it is about the 1,000 or 1,200-megawatt LNG merchant power plant that Lloyds intends to put up in the Philippines. This will help augment our supply as soon as possible,” Energy Secretary Alfonso Cusi said.
Lloyds Energy is the first company to submit an unsolicited proposal to PNOC for the development and construction of an integrated LNG hub with storage, liquefaction, regasification and distribution facility as well as a power plant.
