Business NEWS

The construction completions of several offshore liquefied natural gas (LNG) import terminal projects in the country are facing slight delays because of the Covid-related mobility restrictions, according to a status report issued by the Department of Energy.

The Department of Energy (DOE) is targeting 13 million metric tons per annum (mtpa) of liquefied natural gas (LNG) capacity that will be imported into the country via the various investments being proposed by private sector players.

The Department of Energy (DOE) is solidifying partnership with the United States government on policy formulation that the Philippines would be needing for the rebirth of its gas industry that shall be ushered in by liquefied natural gas (LNG) importations.

Another notice-to-proceed (NTP) permit was granted by the Department of Energy (DOE) for the installation of an offshore liquefied natural gas (LNG) import facility for a total of six ventures approved so far.

FGEN LNG Corporation, the corporate vehicle of First Gen Corporation for its interim liquefied natural gas (LNG) import facility, has shortlisted two bidders for its targeted chartering of floating storage regasification unit (FSRU) for the project.

Manila-headquartered Atlantic Gulf & Pacific Company (AG&P) is the fourth company that was issued by the Department of Energy (DOE) with a notice to proceed (NTP) for its proposed liquefied natural gas (LNG) import facility to be sited at the Batangas Bay.

The P65 billion worth of liquefied natural gas (LNG) import terminal projects cornered by the government had been proposed for pioneer incentives availment under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill that is under continued deliberations in Congress.       

The Department of Energy (DOE) is reinvigorating the investment landscape so it can entice massive capital flow for P10 trillion worth of energy projects that had been cast under the updated Philippine Energy Plan (PEP).

A price-setting and regulation of liquefied natural gas (LNG) procured through third party access (TPA) shall be subject to a regulation of the Energy Regulatory Commission (ERC), which shall also be crafting the warranted TPA Code for the industry.

PCC rules

The Department of Energy (DOE) has suspended its issuances of certificate of energy projects of national significance (CEPNS) blaming the very slow pace in securing permits and project implementations.

The board of directors of First Gen Corporation approved the declaration of cash dividends on array of its preferred shares that shall be paid to its shareholders by January next year.

Ayala-owned upstream petroleum firm ACE Enexor Inc. has kicked off its search for a deep-pocketed and technically experienced partner for its planned oil and gas exploration venture at an offshore block in Northwest Palawan.

Lopez-owned First Gen Corporation will start construction works at its interim liquefied natural gas import terminal (IOT) this fourth quarter, following its execution of agreement with Australian firm McConnell Dowell (MCD) as its engineering, procurement and construction (EPC) contractor.

Two liquefied natural gas (LNG) projects, with combined investments of P44 billion, had been issued certifications by the Department of Energy (DOE) as “energy project of national significance” or EPNS that will entitle them to streamlined process of permitting.

           While it was initially hamstrung by the niggling health crisis, Aboitiz Power Corporation indicated that it will still advance its planned investment expansion in the Southeast Asian region – specifically in Vietnam, Indonesia and Myanmar.

Greenfield power projects that will feed on imported liquefied natural gas (LNG) have been emerging as ‘hot investment contest’ in the restructured electricity sector, and Aboitiz Power Corporation announced that it is inclined to join the forthcoming wave of capital spending for the development of new gas plants in the country.

When its interim import terminal for liquefied natural gas (LNG) will kick off commercial operations in 2022, FGEN LNG Corporation, a subsidiary of Lopez-led First Gen Corporation, will in parallel be setting in motion the market introduction of gas for locators in economic zones and industrial parks in the country.