Quantcast
Latest Stories

Brunei state oil company signs agreement with PNOC

Investment opportunities in LNG in Mindanao

By

Petroleum National Brunei, the national oil company of Brunei Darussalam, has signed an agreement with state-run Philippine National Oil Co. to jointly implement investment opportunities in the liquefied natural gas (LNG) and upstream oil sectors here.

According to a document from the Department of Energy, the signing of the agreement was an offshoot of the visit conducted by Petroleum Brunei and Brunei LNG Corp. in Mindanao last October.

“Petroleum National Brunei is keen on the proposed floating, storage regasification unit (FSRU) project in Mindanao, in which a delegation from Petroleum Brunei and Brunei LNG, together with PNOC and the DOE, conducted a visit in the proposed site in Phividec,” the document stated.

The DOE noted that in the first quarter of 2012, the World Bank provided a technical assistance to the energy agency in identifying an appropriate location for an FSRU. The Macajalar Bay at the Phividec industrial complex in Tagoloan, Misamis Oriental, was deemed a favorable location for the project due to its great marine characteristics, allowing lowest cost terminal option in the area, the DOE explained.

The site also has Mindanao’s most concentrated industrial load and has access to transmission, it added.

As early as September this year, the DOE, then under former Energy Secretary Jose Rene D. Almendras, disclosed Brunei’s interest to put up LNG facilities in Mindanao, which may include the construction of a 300-megawatt gas-fired power plant to serve as an anchor load.

Almendras earlier explained that it was the Philippine government that extended the invitation to Brunei to “have a serious look at the LNG prospects in Mindanao” during the 20th Asia Pacific Economic Cooperation (Apec) leaders’ summit in Vladivostok, Russia, last September.

Should the proposed investments push through, the LNG project in Mindanao will not only be a first for the island, but will also mark the first foray of the Brunei government into LNG downstream investments outside its country.

The move to invite investors to look at prospective LNG projects in Mindanao was aligned with the Philippine government’s efforts to provide more sustainable solutions to the perennial power supply problems on the island.

The Philippine government has since been pushing for the use of alternative fuels such as natural gas as this can help address spiraling fuel prices in the long run, an expected diminishing petroleum supply as well as the looming environmental problems.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Agreement , Brunei , Business , Energy , oil , Petroleum National Brunei , pnoc

  • mynnyx

    tama yan sa brunei kasi mabait sila sa mga pinoy………pumunta ka sa brunei kung paano respetuhin ng gobyerno ng brunei ang mga pinoy……….ibang klase …………….kaysa mga intsik………….di kanila inaankin……………



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Camilla’s brother dies of NYC head injury
  • Nepal officials go to Everest to try to end crisis
  • Escudero ready to defend self should name appear in Napoles’ list
  • Obama calls for peaceful end to island dispute
  • Russia not abiding by agreement on Ukraine—Obama
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH-HK relations repaired, but families of victims still being courted
  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Marketplace