ASEAN KEY DESTINATIONS
Indonesia’s Pertamina to invest $1B in LNG facility in PHL
Indonesia’s PT Pertamina intends to invest around $1 billion in a liquefied natural gas (LNG) regasicification facility in the Philippines, the Department of Trade and Industry (DTI) said.
“Their intention is immediate,” Trade Secretary Ramon Lopez told GMA News Online on Thursday.
Pertamina is planning to invest about $1 billion for the LNG regasification unit, the Trade chief said.
The state-owned oil firm will build the LNG facility “as soon as they find a good joint venture partner and as soon as clearances and permits are provided.”
Jakarta-based Pertamina has six refineries in Indonesia, with a combined capacity of one million barrels per day.
The Department of Energy is pushing for an LNG terminal facility to prevent electricity rates from spiking once the reserves of Malampaya natural gas facility is depleted some 10 years from now.
Malampaya supplies the LNG requirements of three power plants with a combined generating capacity of 2,700 megawatts—enough to meet up to 30 percent of Luzon’s electricity needs, or about 20 percent of the country’s total electricity requirements.
The Energy department earlier gave the green light for Dennis Uy’s Phoenix Petroleum and China National Offshore Oil Corp. to proceed with their liquefied natural gas (LNG) project in Batangas.
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