MANILA—Phoenix Petroleum on Friday said its joint venture with China's CNOOC Gas and Power Group Co. Ltd. has acquired a "notice to proceed" to build a liquefied natural gas (LNG) terminal in Batangas.
Tanglawan Philippine LNG, which will help support the energy demand in Luzon, received the notice from the Department of Energy, Phoenix Petroleum said in a disclosure to the stock exchange.
Groundbreaking for the project is set this year with commercial operations expected to start by 2023, the statement said.
Phoenix Petroleum said the "long-term" project planned to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity.
“The terminal is only Stage 1 of our plans for the facility. We will develop it to become an LNG hub, giving Filipinos access to low-cost and environment-friendly energy supply,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon.
Phoenix, controlled by tycoon Dennis Uy, signed a memorandum of understanding with China's CNOOC Gas and Power Corp in June.