DOE: 10 firms interested in PHL LNG project

The Department of Energy (DOE) is now fast-tracking the plan to build the country’s liquefied natural gas (LNG) facility, as 10 firms are interested in taking part in the development.

Energy Undersecretary Felix William Fuentebella said 10 companies, from eight in November, are now interested in investing in the planned LNG facility.

“Last November, there were already eight coming in,” he said in an interview with reporters.

Among the local and foreign companies interested were China National Offshore Oil Corp., Cleanway-Filipino and Resiro, First Gen Corp., Philippine National Oil Co., Tokyo Gas, Vires Energy Corp., and a consortium of Carmine Energy Ltd. Pte. and Golar Energy.

However, the DOE is not yet ready to name the other companies.

In the same interview, Fuentebella said the DOE is now looking at ways to fast-track the project.

“We want it fast-tracked because we all want to go for more diversity in our energy needs,” he said.

In September last year, Fuentebella cited the need to expand the country’s LNG capability to accommodate import shipments as the Malampaya gas reserve is expected to be depleted within the next 10 years.

He said the LNG industry would be the next “battleground” among prospective players in the private sector. —VDS, GMA News