The Philippine National Oil Co. (PNOC) has signed a memorandum of understanding (MOU) with American energy infrastructure firm New Fortress Energy LLC for a possible partnership to advance the development of an infrastructure to bring in liquefied natural gas (LNG) imports to the country.
“We are confident that with this cooperation with New Fortress Energy, PNOC will find meaningful ways to contribute to achieving energy security and stability in the country. NFE can help us bridge the gaps in the value chain for a robust LNG industry and enable us take that giant leap towards the realization of the Philippines,” said Reuben Lista, PNOC president and chief executive officer.
The MOU is non-binding on the parties and actual terms of any future definitive agreement may differ from the terms of the MOU.
PNOC was in the process of a competitive selection for a partner for its planned LNG terminal when the project was shelved in December 2018 as private sector interest for the facility improved.
The Department of Energy has so far issued four notices to proceed for private sector-led LNG terminal projects. These proponents include Exalarate Energy, Batangas Clean Energy, Energy World Corp. and First Gen LNG Corp. with its partner Tokyo Gas.