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Phoenix Petroleum allies with PNOC

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LNG Industry,

According to Reuters, Phoenix Petroleum Philippines Inc. and Philippine National Oil Company (PNOC) are discussing a ‘strategic alliance’ with regards to Phoenix’s proposed LNG hub.

Prior to these talks, Phoenix had received government approval to construct an LNG import regasification terminal. In addition to PNOC, China’s CNOOC Gas and Power Group Co Ltd. has been identified as a potential partner.

The Philippines currently faces the problem of a depleting domestic gas supply as its Malampaya field is set to run out by as early as 2024. This has led the government to back projects, such as Phoenix’s, in order to increase LNG imports to feed the country’s gas-fired power plants.

According to a statement from Dennis Uy, owner of Phoenix Petroleum, a memorandum of understanding (MOU) could be signed with PNOC in the next few weeks.

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