Private transmission firm National Grid Corporation of the Philippines (NGCP) is ‘on track’ with its planned US$1.0 billion initial public offering (IPO) and is targeted to be concluded in six months, based on a mandate from the power industry regulator. “Right now, we’re on track with our...
Given the worsening civil strife tearing down Myanmar, Ayala-led firm AC Energy Corporation indicated that it is temporarily slowing down on its renewable energy ventures in that country. “Regarding Myanmar, we will have to wait until the situation stabilizes before we can expand,” AC Energy...
Lopez-led First Gen Corporation has earmarked US$530 million capital expenditures (capex) this year that will be funneled mainly to the expansion projects of subsidiary Energy Development Corporation (EDC) as well as its ongoing interim liquefied natural gas (LNG) import terminal. During the...
Japanese firm Mitsubishi Power (Philippines) Inc. has bagged a three-year contract for ‘reliability maintenance work’ aimed at improving the capacity availability at the 300-megawatt Therma South Inc. power plant of Aboitiz Power Corporation. The long term service agreement (LTSA), according to...
Listed firm Phoenix Petroleum Philippines Inc. is expanding the market reach of its lubricant products into Indonesia, the company has announced. The oil firm said its lubricants brand will be the first commodity...
With the Covid-induced demand crash last year, the country’s aggregate oil import bill slowed down by a significant 46.2 percent to $6.371 billion from a comparatively whopping $11.838 billion in 2019. The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB)...
Department of Energy (DOE) Secretary Alfonso Cusi has reiterated his directive to local power stakeholders to ensure "reliable and stable" supply of electricity for the cold storage needs of sensitive coronavirus disease (COVID-19) vaccines. DOE Secretary Alfonso Cusi (Photo from DOE Facebook page)...
Yuchengco-led firm PetroGreen Energy Corporation (PGEC) has completed its pioneering solar rooftop installation that primarily targets commercial and industrial (C&I) end-users - and that initial venture is for its affiliate 12-storey Enrique T. Yuchengco (ETY) office building in Binondo,...
Ayala-led firm ACE Enexor Inc. has secured the approval of the Department of Energy (DOE) on its bid for one-year force majeure declaration on targeted oil and gas exploration and well drilling activities at its Service Contract (SC) 55 off Palawan basin. Photo credit: https://enexor.com.ph In a...
The Department of Energy (DOE) has inked a deal with the Japan Oil, Gas and Metals National Corporation (JOGMEC) for a targeted updating of a feasibility study for the Philippines’ plan to venture into oil stockpiling. The memorandum of agreement (MOA) sealed by the parties had been intended for...
Listed firm Pilipinas Shell Petroleum Corporation is planning to pursue equity restructuring so it can reverse its negative retained earnings last year, which in turn will allow it to accelerate its targeted cash dividend payment to its shareholders. “We are working very quickly to rebuild our...
Listed firm Phoenix Petroleum Philippines Inc. has declared cash dividend that will be paid to holders of its Series 4 (PNX4) preferred shares, according to the firm’s disclosure to the Philippine Stock Exchange. The payout will be anchored on 7.5673-percent per annum interest rate; and will...
