Philippines planning LNG import facility

The Philippines intends to build a USD 2-billion storage and distribution LNG facility by 2020, international media reported on Thursday.

The LNG project includes a 200-MW power plant and is part of efforts by the country to add some 44,000 MW of new capacities by 2040. The Philippines’ energy demand is expected to triple by that time.

The news came weeks after reports that the country plans to build an LNG plant in Iran and as the government seeks to rapidly add power generation capacities even as gas reserves, which feed about one-fifth of the country’s power generation capacities, are fast depleting, Reuters reported.

“Hopefully, with Dutertenomics attracting the adequate level of private investments, we can reach our targeted additional power capacity by 2040,” Energy Secretary Alfonso Cusi told the agency, referring to economic initiatives undertaken by Rodrigo Duterte, the populist president who assumed office last year.

Efforts to bring foreign investors on board have attracted Chinese and Japanese companies, among other firms, the Reuters report added.