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Philippines Aims to Issue Permit for $2 bln LNG Facility in 2018

Source: Reuters 12/5/2017, Location: Asia

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The Philippines is aiming to next year award the permit to build and operate the countryís first facility for receiving and distributing liquefied natural gas, its energy secretary said on Tuesday. The project, estimated to cost $2 billion, comes as the Southeast Asian nation seeks to replace depleting local gas reserves that now produce around a fifth of its power.

Dozens of domestic and foreign companies are looking to get a stake in the project, including investors from China, Japan, South Korea and Russia, Energy Secretary Alfonso Cusi told reporters.

To ensure the projectís viability, Cusi said the government intended to initially allow only one such LNG facility, with state-owned Philippine National Oil Company (PNOC) holding a minimum stake of 10 percent.

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