As of July 22, 2019 3:20 PM PNX Petroleum Last Trade Price: 12 % Change: 1.87 Volume: 19,200 Symbol: PNXFind a Station

Tanglawan Philippine LNG receives DOE NTP approval for terminal

Tanglawan Philippine LNG Inc. has been granted by the Department of Energy the Notice to Proceed to build an LNG terminal in Batangas.

The company plans to break ground by 2019 for the regasification and receiving terminal with a capacity of 2.2 mtpa, with commercial operations targeted to start by 2023.

The LNG facility will help support the demand for a clean, low-cost, and environment-friendly energy source in Luzon and contribute to the sustainable development of the Philippine economy.

The integrated long-term project plan also aims to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity.

A possible joint venture arrangement for Tanglawan Philippine LNG Inc. is currently being discussed between China’s largest LNG importer and terminal operator, CNOOC Gas and Power Group Co., Ltd., and Philippine’s fastest-growing oil company, Phoenix Petroleum.

 

About Phoenix Petroleum

Phoenix Petroleum is the leading independent oil company in the Philippines established in 2002. The company was publicly listed on the Philippine Stock Exchange in July 2007 and has since grown to be a national brand from its humble beginnings in Davao. In just 15 years, Phoenix has expanded its network and portfolio from trading and distribution of refined petroleum products to terminaling and hauling services, selling and marketing of liquefied petroleum gas, bitumen, and convenience store retailing—all in pursuit of its vision to be an indispensable partner in the journey of everyone whose life it touches.

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