Filipino oil company Phoenix Petroleum plans to build the first liquefied natural gas (LNG) import terminal of the country for $2 billion.
Phoenix Petroleum announced that it has won government approval to build the terminal in partnership with China National Offshore Oil Corp.
The construction of the terminal will begin this year in the south of Manila, and the facility will have a capacity of 2.2 million tonnes per year.
Philippines has been seeking to start importing LNG as domestic gas supplies are set to run out in 2024 at the earliest.