By James A. Loyola The Lucio Tan (LT) Group is planning to invest in a $1.5-billion liquefied natural gas (LNG) power plant in Batangas while bidding for the sugar assets of Central Azucarera Don Pedro. In an interview during the weekend, Absolut Distillers Chief Operating Officer and Overall-in-Charge of LT Group’s Distillery Operations Gerardo Tee said they will have a foreign partner for the power project. Tee said it will be a 1,000 megawatt pioneer plant with a terminal in their 38-hectare property in Tinamucan, Batangas which is currently being used by a chemical trading firm also owned by LT Group. “The idea was hatched two years ago. We are still in the initial stages such as getting permits and looking for a relocation site for the chemical business,” Tee said. He added that their foreign partner has already touched base with the Department of Energy but he cannot reveal more information since they have a non-disclosure agreement. Meanwhile, Tee said they are planning to vertically integrate their distillery business by acquiring the land and other sugar assets of Central Azucarera Don Pedro in Nasugbu, Batangas. “This is the first time a distillery will be buying its source of raw materials,” he noted adding that this will help secure their supply of molasses since the country is not producing enough and liquor makers continue to import it. Tee said they have just completed due diligence of the assets to be acquired and should be submitting their bid by this week. CADP is currently owned by Roxas Holdings, Inc., which is 50.9 percent controlled by the First Pacific Group and the Roxas family. He said that, if they get to acquire CADP’s assets, they will need to rehabilitate the land and the facilities to boost production. “Initially, we will spend around P150 million to P200 million for the rehabilitation but, ultimately, the cost will amount to billions. We will do this in phases – just to make it run,” Tee said.