Phoenix Petroleum Philippines and CNOOC Gas and Power Group have signed an agreement to explore building a LNG receiving storage terminal in the Philippines.
Reuters reports that the Philippines is seeking investors to build a storage and distribution facility for imported LNG as it looks to replace its Malampava gas reserves.
In a disclosure to the Philippine Stock Exchange, Phoenix says: 'The agreement for the LNG project will potentially broaden Phoenix Petroleum's portfolio of new businesses, which now include LPG, convenience retailing, asphalt and e-transactions.'
Local media reports that Phoenix vice president for external affairs Raymond Zorrilla says the LNG opportunity would be an addition to the company's expanding portfolio of new ventures complementing and strengthening its core fuel business.
'By investing in clean energy such as LNG, Phoenix Petroleum is doing its part in supporting the Philippines Energy Plan to diversify energy mix and ensure sustainable, stable, secure, sufficient, accessible and reasonably-priced energy.'
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