US firm Excelerate Energy L.P. has set aside about P11.1 billion to bankroll the development of its liquefied natural gas (LNG) facility in Batangas province. In a text message on Thursday, Topline Energy Executive Vice President Michael Acebedo Lopez said the project cost for the planned open-access LNG import terminal was “approximately P11.1 billion ($230 million).” Topline Energy is the local partner of Texas-based Excelerate, through local subsidiary Luzon LNG Terminal Inc., for the project, called Filipinas LNG Gateway Project, located in offshore Batangas Bay. Excelerate earlier said both firms have had “tremendous progress on the project” amid substantial challenges due to the coronavirus pandemic and the lockdowns it prompted. Set to go online by the second quarter of 2022, Filipinas LNG will provide access to all power plants in Luzon. It also aims to supplement and eventually replace the Malampaya gas field in offshore Palawan province by “supplying a quick, reliable, and sustainable gas solution.”

Source: Manila Times October 29, 2020 16:18 UTC