Glencore eyeing Philippine LNG project

Swiss commodity trading and mining company Glencore is reportedly eyeing involvement in a liquefied natural gas import project in the Philippines. 

Citing sources close to the matter, Reuters reports the project would include a floating storage regasification unit (FSRU) delivering regasified natural gas volumes directly to a power plant.

Sources told a commercial deal has been reached with the financial backer line-up including a Chinese engineering group, however, the involvement is dependent on the implementation of the agreement.

Glencore follows the lead of its compatriots Vitol, Gunvor and Trafigura that have been more active in investing in LNG infrastructure projects, especially in Asia.

The company is now looking to build its presence in the LNG market in order to capitalize on growing demand as well as liquidity.