Energy World Corp expects its nearly $1 billion LNG hub and power plant in the Philippines to be running by early 2015, Reuters reports.
This would be a welcomed news for major LNG producers which have not secured long-term supply contracts in Japan and South Korea.
Reuters also reports that two other LNG import storage terminals are to be constructed in the next five years.
As one of Asia’s fastest growing economies, the Philippines must diversify its energy sources as government expects the Shell’s Philippine unit operated natural gas field in Malampaya to dry by as early as 2023, and it supplies three gas-fired power plants that produce one third of power generation on the major island of Luzon.
LNG World News Staff, June 9, 2014; Image: EWC