Philippine independent oil company Phoenix Petroleum signed a memorandum of understanding with China’s CNOOC on liquefied natural gas (LNG) developments in the Philippines.
Under the agreement, Phoenix Petroleum signed with CNOOC Gas and Power Group, the two companies intend to study, plan and develop a liquefied natural gas receiving terminal as well as a gas-fired power plant project in the country.
Phoenix Petroleum, a Udenna Corporation company, has not unveiled any more details on the agreement.
The MOU for the LNG project will potentially broaden Phoenix Petroleum’s portfolio of new businesses, which now includes LPG, convenience retailing, asphalt, and e-transactions, the company said in a statement.
Over the last year, the company expanded its footprint by acquiring assets in the Philippines, including Petronas Energy Philippines, which is now renamed Phoenix LPG Philippines.