A Brown Company Inc. said it remains committed to building an integrated floating liquefied natural gas storage and regasification terminal and the 506-megawatt floating natural gas-fired power plant project in Barangay Simlong, Batangas City.
The company announced its acquisition of 99.995 percent of the outstanding capital of Vires Energy Corp. owned by Argo Group Pte. Ltd. of Singapore for P50.2 million.
“The acquisition of Vires Energy reflects our confidence in the role of natural gas in providing for a clean and cost-effective energy source. We are excited to push the project forward,” A Brown chairman Walter Brown said in a statement Monday.
VEC will build the necessary infrastructure to allow the importation of LNG as early as 2022. The project will have a floating storage and regasification unit terminal in Batangas Bay and will deliver natural gas through a pipeline to supply existing and new natural gas-fired power plants.