Philippine independent oil company Phoenix Petroleum has been given the green light to process with the construction of the $2 billion LNG project.
Phoenix Petroleum said the Department of Energy has given the Tanglawan Philippine LNG project a notice to proceed the LNG terminal in Batangas.
Tanglawan Philippine LNG is a joint venture between Phoenix Petroleum and China’s LNG importer and terminal operator, CNOOC Gas and Power Group.
The two companies signed a memorandum of understanding in June last year to study, plan and develop a liquefied natural gas receiving terminal as well as a gas-fired power plant project in the country.
“The terminal is only stage one of our plans for the facility,” said Phoenix Petroleum CEO Henry Albert Fadullon .
The company plans to break ground by 2019 for the regasification and receiving terminal with a capacity of 2.2 mtpa, with commercial operations targeted to start by 2023.
The integrated long-term project plan also aims to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity.