A $2 billion LNG import terminal is on the cards for the Philippines that is looking to secure enough gas supply to replace the depleting domestic gas reserves.
The terminal would be constructed by 2020, four years before the predicted depletion of the Malampaya natural gas field, Reuters reports, citing the country’s energy secretary Alfonso Cusi.
Speaking at an industry forum, Cusi said the energy demand in the Philippines is set to triple by 2040.
The planned LNG terminal would include a 200 MW power plant as the country looks to bolster its production capacity by 7,000 MW over the next five years. In total, the Philippines is looking to add 43,765 MW of power production capacity by 2040.
A number of companies have already shown interest in developing the LNG facilities in the Philippines, including the Hague-based energy giant and the operator of the Malampaya natural gas field, Shell.
In December last year, it was reported that the Japanese utility, is interested Tokyo Gas in taking part in the construction of a liquefied natural gas (LNG) import terminal in the Philippines.
LNG World News Staff