Tanglawan Philippines LNG likely to win $1 billion LNG project

Filipino oil company Phoenix Petroleum and peer China National Offshore Oil Corporation (CNOOC) joint venture (JV) is expected to win competition ahead to proceed and build Philippines' liquefied natural gas (LNG) import facility.

Tanglawan Philippines LNG, the joint venture of Phoenix Petroleum and CNOOC, will be injecting $1 billion for the projected 5.0 million tons per annum LNG onshore terminal to be located in Batangas.

The project will be combined with a power plant project of 1,000 to 2,000-megawatt capacity that will then serve as the LNG terminal’s captive market and such shall require more commitment of $1 billion.

The scale of the power plant will be from 1,000 megawatts (MW) to less than 2,000MW. The LNG terminal facility is to control the shooting up consumer electricity rates.