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Phoenix Petroleum Gets Green Light for US2 bln LNG Terminal

Source: Reuters 1/11/2019, Location: Asia

Philippines firm Phoenix Petroleum has won government approval to build the nation’s first liquefied natural gas (LNG) import terminal for $2 billion, in partnership with China National Offshore Oil Corp (CNOOC).

Phoenix, a fuel retailer, said it plans to break ground this year for the LNG regasification and receiving terminal south of the capital Manila, in a country that still relies heavily on coal as a fuel source.

The company said its Tanglawan Philippine LNG Inc unit, which will undertake the project, is partnering with CNOOC Gas and Power Group Co Ltd, a unit of CNOOC and China’s largest LNG importer and terminal operator.

The LNG facility is expected to have a capacity of 2.2 million tonnes per year, with commercial operations targeted to start by 2023, Phoenix said in a regulatory filing.

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