State-run Philippine National Oil Co. plans to take a stake in the $2-billion integrated liquefied natural gas terminal and power plant of Tanglawan Philippine LNG Inc., a government official said.
Energy Secretary and PNOC chairman Alfonso Cusi said PNOC and Tanglawan had “agreed in principle” for the government to take a stake in the planned LNG facility. PNOC is the government’s oil and gas arm.
Tanglawan recently secured a notice from the Energy Department to proceed with the construction of the LNG project in Batangas.Under the plan, the regasification terminal would cost $686 million while an LNG power plant would require an investment of $1.3 billion.
Tanglawan plans to break ground this year for the LNG regasification and receiving terminal with a capacity of 2.2 metric tons per annum. Commercial operations are expected to start by 2023.
Tanglawan is a joint venture between Phoenix Petroleum Philippines of businessman Dennis Uy and CNOOC Gas and Power Group Co. Ltd.