Skip to main content

Phoenix Petroleum and CNOOC partner on LNG terminal project

Published by , Editor
LNG Industry,


Reuters is reporting that the Philippine fuel retailer Phoenix Petroleum has agreed to partner with a subsidiary of China’s National Offshore Oil Corp (CNOOC) to explore the possibility of building a LNG receiving terminal in the Philippines.

The Philippines is reportedly seeking investors to build a storage and distribution facility for imported LNG. There is renewed enthusiasm for LNG in the country as it moves to replace its Malampaya gas reserves which are expected to be depleted by 2024.

Phoenix Petroleum has claimed it has signed a memorandum of understanding (MOU) with CNOOC Gas and Power Group Co Ltd, and recently announced, to the Philippine Stock Exchange, that the two companies had agreed to ‘study, plan, and develop’ an LNG project in the Philippines.

The financial terms of the deal have not been released.

CNOOC have not commented.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05062018/phoenix-petroleum-and-cnooc-partner-on-lng-terminal-project/

You might also like

NNPC signs LNG agreements with Wison and SDP Services

In its efforts to further boost natural gas utilisation in the country and enhance Nigeria’s gas revenue, NNPC Ltd has signed two major agreements to deliver LNG to the domestic gas market and the international LNG market.

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

LNG project news LNG import news China LNG news


 

LNG Industry is not responsible for the content of external internet sites.