$2 billion LNG project in Philippines put on hold
Topics: LNG PHILIPPINES
CNOOC Gas and Power of China and Phoenix Petroleum Philippines jointly requested the Department of Energy (DOE) put the project on hold after Phoenix parent Udenna Corp acquired a 45% stake in the Malampaya natural gas consortium, Phoenix said in a regulatory filing.
The facility was supposed to have a capacity of 2.2 million tonnes per year, with a targeted start-up by 2023. To support it, Phoenix also planned to build a 2,000-megawatt (MW) power plant.
Phoenix now wanted to “reassess” its gas venture and would submit a “new concept” to the Department of Energy, Energy Secretary Alfonso Cusi told the BusinessWorld newspaper.
Oil and shipping group Udenna said last month it had signed a deal to acquire Chevron’s 45% stake in the Malampaya gas-to-power project. ■