PNOC rejects unsolicited LNG offer of Dubai-based Lloyds Energy Group

By Alena Mae S. Flores – July 15, 2018 at 11:57 pm

State-run Philippine National Oil Co. rejected the unsolicited proposal of Dubai-based Lloyds Energy Group for a joint venture partnership to develop the country’s first $2-billion integrated liquefied natural gas facility.

“Based on the unsolicited proposal they submitted, Lloyd’s Energy failed to qualify vis-a-vis the evaluation criteria based on the BOT (Build-Operate-Transfer) Law,” newly-appointed PNOC head executive assistant and chief of staff Jannefer Pelayo said.

Lloyds Energy is among the seven companies that submitted unsolicited proposals to develop the country’s first LNG energy hub.The Philippines is putting up an LNG facility in preparation for the eventual depletion of the Malampaya gas reserves in northwest Palawan.

PNOC in April accepted Lloyds Energy’s offer on the Batangas Bay hub project for evaluation.

Lloyds Energy is a Dubai based company established in 2013 with the strategic aim of delivering LNG to the global market. Lloyds Energy has grown rapidly by establishing strong international alliances with LNG companies, off-takers and major engineering groups specializing in LNG.