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Philippines seeks investors to power growth

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LNG Industry,

Reuters are reporting that the Philippines needs to build an additional 7000 MW of power generation capacity over the next five years to support its fast-growing economy and wants foreign investors to help.

Companies from China, South Korea, Russia and Japan were interested in new Philippine power projects, and the president would soon sign an executive order to address soaring power demand by giving priority status to get new projects ready in half the time.

The Philippines aims to double its power generation capacity by 2030 to avoid a return to the frequent blackouts suffered during the 1990s.

At the end of June 2016, installed capacity was 20 055 megawatts, a third of it fuelled by coal, according to government data. Power is generated 34% by coal, 34% by oil and gas and 32% from renewable sources.

Chinese firms were interested in a lead role in areas such as LNG, plus construction of the facilities.

At least three Japanese firms, including Osaka Gas and Tokyo Gas have been in talks about investments in new LNG projects.

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