MANILA, Philippines – Davao businessman Dennis Uy’s Phoenix Petroleum is investing an initial P250 million for its Liquefied Natural Gas (LNG) hub venture in Batangas with China National Offshore Oil Corporation.

In a disclosure submitted to the Philippine Stock Exchange on Friday, February 1, Phoenix Petroleum corporate secretary Soccoro Cabreros said the funds will be used for the formation and organization of a new company which will manage the project.

Cabreros said the new company will manage the LNG hub, including the receiving terminal for LNG and operation of a gas-fired power plant.

The project is slated to break ground this year and aims to start commercial operations by 2023.

The LNG hub will be connected to a power plant, which promises to produce clean, low-cost, and environment-friendly energy and aims to generate up to 2,000 megawatts in the long term.

The project is among Uy’s interests in the power industry. – Rappler.com