MANILA, Philippines — Listed independent oil firm Phoenix Petroleum Philippines Inc. has firmed up plans to partner with China National Offshore Oil Co. (CNOOC) to pursue its integrated liquefied natural gas (LNG) project. The partnership will be for the operation and establishment of various LNG related trades and services under the LNG Integrated Hub Project. The Phoenix board also authorized the company to form and organize a new wholly owned subsidiary for the LNG project. “Tanglawan (Philippines LNG Inc.) will be the JV company,” company vice president for external affairs Raymond Zorrilla said in a text message. For the JV company, Phoenix will make an initial investment of P250 million, subject to stockholders’ approval.

Source: Philippine Star February 01, 2019 16:02 UTC