The Department of Energy (DOE) has entered into a memorandum of agreement with the Department of Trade and Industry (DTI) to establish closer coordination and collaboration in the development and promulgation of Philippine national standards on natural gas products, facilities and code of safety practices in the downstream natural gas industry.
DOE Secretary Alfonso Cusi said in a statement the partnership will “better guide our stakeholders on the proper requirements and processes” and boost the number of investments in the country.
Cusi said a technical committee will be created to conduct research and consultation activities to develop acceptable natural gas industry standards.
Meanwhile, the DOE also issued a notice to proceed for Vires Energy Corp.’s proposed integrated natural gas-fired power plant and liquefied natural gas (LNG) storage and regasification terminal project in Batangas.
The NTP is the first step in developing LNG terminals and other downstream natural gas projects, which gives proponents the authority to secure all necessary permits and clearances.
Vires Energy proposes a floating storage and regasification unit with approximately 162,400 cubic meters of storage capacity. Commercial operation is in January 2023.
Meanwhile, the DOE also concluded the third public consultation on the drafting of the department circular on the guidelines for the endorsement of energy efficiency (EE) projects to the Board of Investments (BOI) for fiscal incentives.
The proposed circular aims to encourage investments for energy efficiency projects by providing fiscal incentives such as income tax holidays, where the DOE will evaluate EE projects and determine the total effect in consideration to energy savings that will lead to the reduction of greenhouse gas emissions, and lowered operational costs. – Jed Macapagal
