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CNOOC and PNOC will work jointly on LNG import terminal (Philippines)

China National Offshore Oil Corporation (CNOOC) and Phoenix Petroleum Philippines have agreed to associate the state-held oil and gas firm Philippines National Oil Company (PNOC) to the US$2bn Tanglawan LNG import and regasification terminal project in Batangas, south of Manila (Philippines). The three companies will work jointly on the 2.2 Mt/year (2.97 bcm/year) proposal, which is set to start commercial operations by 2023. However, no details regarding the future equity participation in the project were given.



Once built, the terminal may also become an important LNG trade hub in the region. It is expected to meet the supply requirements of the gas-fired power plants in Batangas province, as domestic gas production from the Malampaya field will stop by 2024. Besides, the project would also entail the development of an associated 2,000 MW gas-fired power plant. Investments are set to reach US$686m for the terminal and US$1.3bn for the power plant.

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