EWC draws down $32 million for Pagbilao LNG hub

Energy World Corporation made a Php1.5 billion (approx. US$32 million) drawdown of funds for its Pagbilao LNG hub in the Philippines, under the agreement signed at the end of May. 

The corporate notes facility provides for a tap facility of an additional Php2 billion (approx. $43 million) for new noteholders in the future, EWC said in its filing to the stock exchange.

The $32 million will provide for the completion of the Phase one of the Pagbilao LNG hub and associated marine facilities.

Earlier in the week, EWC noted the construction works on the facility’s 322 meter-long jetty are in an advanced stage with the installation of quick release hooks and fenders at the berthing dolphin, completed.

In addition to the LNG hub, EWC is looking to draw down funds for the combined cycle power plant under the agreement signed in September last year.

EWC further stated it continues to work with potential noteholders including Swan Capital who have shown interest in investing $15 million in the project.

The Pagbilao LNG hub includes a 130,000 cbm LNG storage tank, a jetty and receiving and re-export terminal for berthing, unloading and reloading LNG ships and related support facilities, as well as a power plant adjacent to the LNG terminal with the capacity 650 MW electricity production capacity.

LNG World News Staff