Phoenix Petroleum invests P250 million for Batangas LNG hub

Ralf Rivas
Phoenix Petroleum invests P250 million for Batangas LNG hub
Phoenix Petroleum says it is putting up an initial investment of P250 million for an liquefied natural gas hub in Batangas

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

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.