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3/22/2012 9:08:55 AM

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Not sure how to take this article. IOC hasn't received government approval, signed a major partner as promised and hasn't approved FID's but is going ahead with a project in the Philippines?

EWC is a proposed partner to supply several MTA's of landbased LNG facilities for IOC and IOC has an HOA non-binding agreement with EWC to supply 500k TA of LNG to their proposed facility in Quezon. Perhaps this is why Richard Chandler and his hedge fund has taken minority interests in IOC and EWC?

So many moving parts...

Posted on March 21, 2012 09:57:21 PM

Firm to build liquefied natural gas terminal, power plant in Quezon

AN INTERNATIONAL firm is planning to put up a liquefied natural gas (LNG) terminal and a 300-megawatt (MW) power plant in Quezon province.

Energy World Corp. Ltd. (EWC) and its partners InterOil Corp. and Pacific LNG Operations Ltd. plan to build an LNG Gas Hub Terminal and Regasification Facility on Pagbilao Grande Island in Quezon.

The LNG hub will also provide power to a planned 2x150 MW natural gas power plant which will be built by the company.

The project is estimated to cost $130 million.

“Site works and construction of phase one of the hub terminal have already commenced and commercial operation is planned for 2012-2013. The capital cost for the hub terminal is expected to be approximately $130 million for phase one and $80 million for phase two,” the company said in a statement.

It added the terminal “will be built in two phases phase one will include a 130,000-cubic-meter LNG storage tank, regasification facility, jetty, and supporting infrastructure; phase two will include an additional 130,000 cubic meter LNG storage tank.”

The LNG terminal is also expected to distribute natural gas for vehicles.

It will source gas from the international market and EWC’s gas fields in Indonesia and Australia.

The Energy department is pushing for a natural gas infrastructure in the country and has commissioned the Japan International Cooperation Agency to conduct a study on the demand for natural gas in the country.

Results of the study are expected by the end of this month.

EWC is based in Hong Kong and is listed in the Australian stock exchange.

It has operations in Indonesia and Australia as well as interests in Papua New Guinea. -- Emilia Narni J. David

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