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PNOC to tap IFC on planned LNG hub

 

The Philippine National Oil Co. (PNOC) is seeking the help of the International Finance Corp. (IFC) on how to go about the proposed establishment of the country’s first liquefied natural gas facility.

PNOC said IFC would also guide them on how to monetize its unused Malampaya gas.

The government-owned firm has 97.67 petajoules of banked gas valued at around P11.9 billion. It has proposed to trade the banked gas outside of the country or to burn the banked gas and sell it in the form of electricity.

Proceeds from the sale will be used to build the FSRU-PP, the first phase of PNOC’s planned LNG hub

The project, which may rise offshore Tabangao, Batangas, is expected to provide an initial capacity of 200 megawatts by 2019 or 2020.

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