PNOC’s eyeing new partner in LNG project

By Alena Mae S. Flores – January 06, 2020 at 07:40 pm

State-run Philippine National Oil Co. is scouting for possible partners in the wake of the decision of Tanglawan Philippine LNG Inc. to suspend its planned liquefied natural gas project.

“We will always partner with whoever is interested in order that govt is aware of what will be happening—pricing, sourcing, etc,” PNOC president Reuben Lista said.

Tanglawan Philippine LNG Inc., controlled by Phoenix Petroleum Philippines, asked the Department of Energy to suspend the agency’s notice to proceed for the development of an LNG project.

Tanglawan sought a suspension following Udenna Corp.’s acquisition of the entire shareholdings of Chevron Malampaya LLC, a wholly-owned subsidiary of Chevron Philippines Ltd., which owns a 45-percent stake in the Malampaya gas project in northwest Palawan.

Phoenix and Udenna are both controlled by Davao businessman Dennis Uy.

Phoenix was supposed to forge a joint venture agreement with CNOOC Gas and Power Group Co. Ltd., a unit of China National Offshore Oil Corp. and PNOC on the LNG project.