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MANILA, Philippines – Phinma Energy Corp.’s subsidiary, Trans-Asia Petroleum Corp., looks into developing Sual, Pangasinan’s liquefied natural gas (LNG) and 380-megawatt (MW) power plant.
The ongoing development of 900-MW coal-fired power plant in Pangasinan worth $1 billion will neighbor the new project. Once it is done, potential partners will be scouted by the company to focus on LNG facilities.
At present, the petroleum company is conducting discussions with those interested in the project’s gas generation and development of both terminal and power plant. There are prospects, but the company is not expected to choose yet.
The power plant is planned to be a merchant plant or have bilateral agreements. It is also considered to be sold through electricity spot market by wholesale.
The petroleum company’s Executive Vice President, Raymundo Reyes, stated that by second quarter of 2017, further talks with potential partners would carry on.
In early 2018, final investment decision (FID) will be made once the petroleum company formed partnerships. Securing the finances will still be done beforehand.
Reyes said that the company is conducting as study on the project’s feasibility, which will be finished by the first quarter of 2017.
The feasibility study comprises options, configurations (terminals or floating storage and regasification unit), and even costing.
Malampaya deep water gas-to-water project nears its exhaustion by 2022 or 2024. Relatively, Trans-Asia announced that it looks into new fuel sources through LNG sector.
Aquino administration previously stated that energy is aimed to be sourced from natural gas, coal, and renewable energy by 90 percent. This leaves other sources like oil with only 10 percent.
Phina Energy engages in oil development, production, and exploration. The company also ventures in generation and trading of power.
The energy company is expected to cover a wide petroleum industry scope since Trans-Asia will involve storage, transportation, and whole petroleum products marketing.