PNOC Receives 26 Unsolicited Offers For LNG Project In Philippines

Announced Date :  Mar 17, 2017

Philippine National Oil Co. (PNOC) has received 26 unsolicited offers from local and abroad for the establishment of a liquefied natural gas (LNG) project in Philippines.
The company said that of the total offers, seven have been received from China; six from Japan; three from Singapore; three local firms; two from South Korea; two from Turkey; one from UAE; one from Spain and another one from Australia.

The proposed project would feature a power plant, and storage, liquefaction and regasification facilities.

PNOC president and chief executive officer Reuben S. Lista said: “This will be an LNG integrated systems complete with a power plant, storage, regasification and liquefaction (facilities.)  Whether off shore, on shore or near shore it is already (dependent on) their computations.”

The company said that more proposals may come and they would be open only until the end of April before making a final shortlist that could include seven parties at most.

“(Our main criteria for choosing would be) financial since all of them are already knowledgeable on the technical aspect of the project… Output of this project will be supplied to PEZA (Philippine Economic Zone Authority) and the rest will be used to support the poorest of the poor,” the PNOC chief added.

Lista said: “[The facility will be] operational by 2019... ‘yan ang aming [that’s our] optimistic dream.”

“Our pessimistic dream is 2020,” he said.

Construction work on the project would take two and half to three years if it will utilize a floating storage regasification unit and four years if it will use an onshore facility, according to Lista.

“These are unsolicited offers, there is no bidding. The decision will depend on what would best benefit the country and of course the people while they can still recover their cost. It would be a continuing project… LNG is the fuel of tomorrow,” the official added.

Lista previously expressed his intention on developing an LNG facility in a location currently being leased by Petron Corp. in Mabini, Batangas.

You can receive free Monthly news and insights from ResearchViews delivered straight to your inbox – sign up below:

* Indicates Mandatory
*Phone Number:          
  captcha refresh
Enter Captcha Code:    

Send to friend

*Your EmailID:    
*Friend's EmailID:    
  captcha refresh
Enter Captcha Code: