PNOC-ADB deal a step forward in ensuring energy security

MANILA -- MalacaAang on Thursday welcomed the recent agreement signed between the Philippine National Oil Company (PNOC) and the Asian Development Bank (ADB) wherein the latter will be the transaction adviser for the Philippines' first liquefied national gas (LNG) facility.

We are pleased also to announce that the Philippine National Oil Company has entered in an agreement with the Asian Development Bank, and to be their transaction adviser for the country's first liquefied national gas or LNG facility in Batangas costing USD2 billion, Presidential Spokesperson Harry Roque said in a Palace briefing.

Roque described it as another step forward in ensuring energy security and tapping another clean source of energy.

Once up in running, this LNG hub will increase energy access, benefit of power transportation, industrial sectors in Luzon and outlying areas and further contribute to our economic growth, he added.

To date, Roque said that the PNOC had received eight unsolicited proposals for the project and ADB would assist the PNOC in choosing its partner upon evaluation of the unsolicited proposals.

Moreover, he said that the LNG would have a capacity of seven million metric tons yearly or twice the current domestic consumption of natural gas. (PNA)

Source: Philippine News Agency