The Philippines’ First Gen Corp has reported that the construction of their $1 billion LNG terminal should be begin by next year. The regasification project is one of at least four planned projects. This would open the doors for further natural gas imports into the region. First Corp intends to keep a 50% stake in the project and give the rest to partners and one foreign investor.
The foreign partner will bring in the expertise in operating and maintaining the facility, although a final investment decision has yet to be made.
Australian-listed Energy World Corp Ltd is looking to switch on its Quezon LNG import hub and power plant this year, while ManilaElectric Co recently said it was in talks with Osaka Gas Co Ltd to build natural gas facilities, including a regasification terminal.
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Courtesy of Reuters via Downstreamtoday