PNOC Inks Partnership With NFE
State-run Philippine National Oil Company (PNOC) has forged a deal with American firm New Fortress Energy LLC (NFE) for the establishment of liquefied natural gas (LNG) installation in the country. According to the Department of Energy (DOE), the agreement between the parties are non-binding and the terms for the agreement have yet to be firmed up - no specific part of the LNG supply chain and no timelines.
In the initial agreement, PNOC and Nasdaq-listed NFE “will work together to identify potential opportunities to accelerate the development of important LNG and power infrastructure in the country.” It continues that this shall be leveraged on“future investments to build a new and durable LNG value chain in the Philippines capable of generating jobs, revenue and opportunity far beyond prospective terminal or power plant sites.”
Energy Secretary Alfonso G. Cus said that this is a step in the development in strengthening the country’s energy security. “The Philippines has grand ambitions of positioning itself as a hub for LNG investments in the Asian region,” he said.
New Fortress Chairman and CEO Wes Edens, also the co-owner of NBA basketball team Milwaukee Bucks, stated, “The MOU will enable cleaner, more affordable and more reliable energy for the people of the Philippines. Increasing access to power across the islands at a rapid pace will create significant growth opportunities. We look forward to working closely with our partners at PNOC and the government to bring more reliable power and help accelerate the clean energy transition.”