Phoenix Petroleum, CNOOC picked for $2 bln Philippine LNG project
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.