According to Reuters, Phoenix Petroleum Philippines Inc. and China National Offshore Oil Corporation (CNOOC) have recently signed a deal with the Philippine National Oil Company (PNOC), bringing it onboard to assist with their planned LNG hub project.
Phoenix have released a statement announcing that a Memorandum of Understanding (MoU) has been signed by the three companies to ‘explore and discuss business opportunities and cooperation in relation to their investment in the Tanglawan LNG project’. It has also been stated that the agreement with PNOC involves the company’s energy facilities, share of the Malampaya gas field, and future energy projects.
Details of the equity participation in the US$2 billion, 2.2 million tpy project have yet to be released.
The project is reportedly targeting 2023 for its commencement of commercial operations.