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Japan-backed AG&P says gets approval to develop Philippines LNG terminal

Published 03/08/2021, 02:19 PM
Updated 03/08/2021, 02:20 PM
© Reuters.

By Jessica Jaganathan
SINGAPORE, March 8 (Reuters) - Atlantic Gulf & Pacific
Company (AG&P) said on Monday its Philippines subsidiary has
received the green light to develop a liquefied natural gas
(LNG) import and regasification terminal in Batangas Bay, south
of Manila.
The firm, part owned by Osaka Gas 9532.T and the Japan
Bank for International Cooperation, said the Philippines' energy
department has issued it a notice to proceed to develop the
terminal, known as Philippines LNG, which will provide the fuel
to power plant, industrial and commercial customers and other
consumers.
Philippines LNG will be the fifth planned LNG import
terminal in the Southeast Asian nation, which is seeking the
fuel as the Malampaya gas field in western Philippine waters is
expected to run dry this decade.
Four other terminals worth about 65 billion pesos ($1.34
billion) are at various stages of approval or financial closure.

Philippines LNG will have an initial capacity to deliver up
to three million tonnes per annum (mtpa) of regasified LNG, with
additional capacity for liquid distribution, AG&P said in a
statement.
It will also have scalable onshore regasification capacity
of 420 million standard cubic feet per day (mmscfd) and almost
200,000 cubic metres (cbm) of storage, AG&P said.
The statement did not disclose financial details of the
project.
The company has completed its pre-development work for the
terminal which is expected to be commissioned by mid-2022.
($1 = 48.5800 Philippine pesos)

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