Three Philippine energy companies, namely Meralco PowerGen (MGen), Aboitiz Power (AP), and San Miguel Global Power (SMGP), have announced a PHP185bn (US$3.3bn) partnership to develop a large-scale LNG-to-power project in Batangas, in the Philippines. Under the terms of the agreement, MGen and AP will jointly invest in two of SMGP’s gas-fired power plants, namely the 1,278 MW Ilijan power plant and a new 1,320 MW combined cycle power facility, expected to start operations by the end of 2024.
In addition, the three companies will acquire 100% of the Philippines’ first LNG import and regasification terminal, located in Batangas Bay, from Linseed Field, a unit of Singapore’s LNG firm Atlantic, Gulf & Pacific Company. The 3 Mt/year terminal, which secured the country’s first LNG cargo delivery in April 2023, will be used to receive, store and process LNG fuel for the two power plants.
In 2023, the Philippines also inaugurated a second LNG terminal in Batangas, with a capacity of 5 Mt/year and developed by the energy company First Gen. Due to the depletion of its domestic gas resources, the Philippines has multiplied LNG projects in the previous years and is now planning to develop seven LNG projects across the country.
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