Dennis Uy gets gov’t nod to build PH’s 1st LNG facility
Davao-based businessman Dennis Uy’s Phoenix Petroleum Corp. secured the approval of the government to build a liquefied natural gas terminal in Batangas.
A possible joint venture with China’s largest LNG importer CNOOC Gas and Power Group Co. Ltd., the facility is expected to break ground this year for the regasification and receiving terminal with a capacity of 2.2 metric tonnes per annum.
Targeted to be operational by 2023, the LNG terminal will help support the demand for a clean, low-cost, and environment- friendly energy source in Luzon and contribute to the sustainable development of the Philippine economy.
The long-term goal is to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity.
Phoenix is the leading independent oil company in the country. In just 15 years, the company has expanded its network and portfolio from trading and distribution of refined petroleum products to terminaling and hauling services, selling and marketing of liquefied petroleum gas, bitumen, and convenience store retailing.