EWC secures financing for Pagbilao LNG hub

Energy World Corp, the company developing LNG projects in the Philippines and Indonesia on Tuesday informed it has executed financing for its LNG hub terminal in Pagbilao for the amount of approximately US$32 million.

EWC’s financial advisor, Standard Chartered Bank, that served as the bookrunner, is currently in negotiations with further parties including Swan Capital, to secure additional $15 million, the company said in its filing to the stock exchange.

The company is working on the drawdown of funds which would enable it to complete the Phase one of the LNG hub as well as the associated marine facilities.

Earlier in March, EWC informed it is looking to start up the Pagbilao LNG hub by the end of 2016, as the project was in advanced stage of completion.

The 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.

Additionally, EWC is developing a power plant adjacent to the LNG terminal with the capacity 650 MW electricity production capacity.

LNG World News Staff