Phoenix Petroleum to Build Philippines First LNG Terminal
Philippines fuel retailing firm Phoenix Petroleum said it won government approval to build the country’s first liquefied natural gas (LNG) import terminal in partnership with China National Offshore Oil Corp (CNOOC).
The Department of Energy (DOE) has granted notice to proceed (NTP) to their joint venture firm Tanglawan Philippines LNG Inc. to build an LNG terminal in Batangas.
Phoenix Petroleum said in a stock exchange annoucement that it plans to break ground on the facility within the year. The facility has a capacity of 2.2 metric tons per annum, with commercial operations targeted to start in 2023.
Phoenix does not say how much the project will cost, but the government has estimated total investment for such a facility could reach $2 billion.
“The terminal is only stage one of our plans for the facility. We will develop it to become an LNG hub, giving Filipinos access to low-cost and environment-friendly energy supply,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon.