After a series of engagement talks between the three parties, a Memorandum of Understanding was entered into by State-owned firm Philippine National Oil Co. (PNOC), Phoenix Petroleum and CNOOC Gas and Power Group Co. Ltd (CNOOC G&P). The Memorandum of Understanding was signed by Phoenix Petroleum President and Founder Dennis Uy, CNOOC G&P Chief Finance Officer and Vice President Wu Zhengxing, and PNOC President and CEO Admiral Reuben Lista (Ret) in a meeting held at the Department of Energy office in Taguig City on February 28, 2019. The signing of the MOU was made in the presence of DOE’s Secretary Alfonso Cusi.
The MOU will allow the three companies to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan Philippine LNG Inc. and other companies relating to the project, PNOC facilities, market development, PNOC banked gas, and future energy projects.
“We warmly welcome the potential addition of PNOC in the LNG hub project we have been planning to venture on with CNOOC G&P. The LNG hub is a crucial project that will provide long-term solutions for our country’s energy needs, and the strategic alliance among our companies will further secure the continuous development of this venture,” Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon said.
The LNG hub project is expected to break ground through its regasification and receiving terminal with a capacity of 2.2 mtpa within the year, with commercial operations targeted to start by 2023.
The facility will help support the demand for a clean, competitive, and environment-friendly energy source in Luzon, and provide energy security for the country. It also aims to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity.
Also present in the MOU signing ceremony were DOE’s Senior Undersecretary Jesus Posadas, and Undersecretary Donato Marcos, CNOOC G&P’s Chairman Wu Wenlai, and LNG Project General Manager Shan Tongwen, PNOC’s Senior Vice President for Management Services Glenda Martinez and Senior Vice President for Legal, Admin. and Estate Mgt. Services Graciela Barleta, and Phoenix Petroleum’s Senior Vice President for External Affairs, Business Development, and Security Atty. Raymond Zorrilla, and General Manager for Business Development, Strategies, and Portfolio Joselito de Jesus.