Three Philippine energy companies, including Manila Electric Company (Meralco) and Aboitiz Power Corporation (AboitizPower) through their 60/40 joint-venture Chromite Gas Holdings (Chromite) along with San Miguel Global Power Holdings Corporation (SMGP), have reached financial close of the US$3.3bn deal to acquire Linseed Field Corporation (LFC)'s LNG import and regasification terminal in Batangas. The terminal, commissioned in 2023, has an import capacity of 5 Mt/year.
In addition, as part of the transaction, Chromite will buy a 67% stake from SMGP in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI), and Ilijan Primeline Industrial Estate Corp. (IPIEC). SPPC owns and operates the 1278 MW combine cycle power plant located in Ilijan; EERI owns and operates the 1320 MW combined cycle power plant located in Ilijan and Dela Paz Proper; and IPIEC owns parcels of land leased to Excellent Energy for its power plant and to LFC for the its LNG import terminal.
Gas accounts for 13% of the Philippines' installed capaicity (2023), with 3.7 GW. With the country's only gas field is set to be depleted by 2027, the Philppines started importing LNG in 2023. Gas consumption reached 3 bcm in 2023.
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