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Phoenix Petroleum and CNOOC partner on LNG terminal project

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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.

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