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Friday, March 29, 2024

PNOC eyes stake in Tanglawan project 

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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. 

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