MANILA, Philippines (UPDATE 2) - Food-to-power conglomerate San Miguel Corp plans to build a 150-300 megawatt coal-fired plant in southern Philippines, the company president said on Friday.
Ramon Ang told reporters the coal-fired power plant project would cost about $150-300 million and was expected to come on stream by 2012.
Petron's power plant
On Friday, an executive of San Miguel's affiliate, top oil firm Petron Corp, said there are also plans to complete the 70-megawatt fuel power plant in Limay, Bataan by first quarter of 2012.
Petron is planning to allocate P4 billion out of the P10 billion it raised from the issuance of preferred shares on Friday for the construction of Limay power plant.
Petron's power plant will feed the power supply needs of its nearby refining facility.
In December 2008, San Miguel purchased a $10 million financial option to buy a 50.1% stake in Petron. It eventually bought the Petron stakes of investment firm Ashmore bringing its total shareholdings to around 90%.
Sual power plant
The food-to-power conglomerate's energy unit San Miguel Energy Corp already has several power plants in its portfolio, including the 1200-MW Sual power plant, which it bought in 2009.
Sual was one of the power plants that had technical problems last March 1, resulting in rotating blackouts in Metro Manila, the country's political and economic capital, and some parts of Luzon. - with report from Reuters