Liquefied natural gas import project planned by the Philippine government valued at $2 billion has at least four potential investors, according to a Department of Energy’s official.
The potential investors include Japanese Tokyo Gas, Leonido Pulido , assistant secretary at the Philippines Department of Energy told the media, Reuters reports.
The country is aiming to build the import terminal in the Batangas province and have it up and running before the Malampaya gas field reserves are set to deplete in 2024.
Tokyo Gas has already presented its bid to the Department of Energy mid-January, while First Gen Corporation, the local power generator expressed interest in joining the project.
The state-owned Philippine National Oil Company (PNOC) is set to lead the project and has already been selected to review the bids received before January 3 deadline.
The country’s energy secretary Alfonso Cusi is pushing for the project construction to start before the end of the year, with the operations on the 5 mtpa project to begin in 2020-2021.
Liquefied natural gas delivered to the proposed facility would be used to fuel power plants with a total production capacity of 3,211 MW that are supplied from the Malampaya gas field currently.
LNG World News Staff