3 ‘serious’ investors for LNG import terminal in shortlist

Three-investor groups have already stepped up and made formal offer to the Philippine government on their plans to set up the country’s liquefied natural gas (LNG) import terminal project.

So far, according to Energy Secretary Alfonso G. Cusi, these are First Gen Corporation with its Japanese partner Tokyo Gas Co. Ltd.; Uy-led Phoenix Petroleum Philippines Inc. with China National Offshore Oil Corporation (CNOOC); and state-run Philippine National Oil Company.

The energy secretary is eyeing selection of the LNG import facility investor concluded by the end of next month or at least within the year.

Cusi primarily refers to the investing parties that already made formal application to the Department of Energy (DOE) on the proposed LNG terminal – and these have been carved out from the initial 18 firms that had participated in the pre-application processes at the agency.

PNOC, for its part, is in the process of selecting strategic partner on its planned floating storage regasification unit (FSRU) in a tendering process that it kicked off in September.

The state-run company had so far changed its approach in tapping a coventurer – from unsolicited proposals to accepting solicited tenders; and had also shifted technology approach to FSRU from an option then of having an onshore LNG terminal.

For First Gen, it has always been firm on its target to set up an onshore LNG import facility proximate to its power plant sites in Batangas.

The Lopez firm’s capacity plan is for 5.0 million tonnes per annum and that will likely require an investment of US$1.0 billion.