Just love the way they are moving forward without any fanfare....

Just love the way they are moving forward without any fanfare. Share price going in the right direction as well.

Aussie proponent of LNG terminal, power plant receives financing offers
21-Mar-12, 7:43 PM | Euan Paulo C. Añonuevo, InterAksyon.com

MANILA, Philippines – An Australian company that proposed to build a liquefied natural gas (LNG) terminal and power plant in the Philippines has received offers to finance the venture.

In a report, Energy World Corp. (EWC) said local firms and financing institutions have indicated their interest in investing in the company's proposed facilities.

The company, however, did not identify the prospective partners due to confidentiality agreements.

EWC plans to put up an LNG terminal and regasification plant in Pagbilao, Quezon at a cost of $210 million.

The company will also construct a 300-megawatt power plant that will act as anchor load or main fodder to the LNG supply that will come in and be processed in the aforementioned facilities.

“It will be one of the most efficient power producing plants in South Asia which, when combined with the fuel gas from the hub terminal, will allow highly competitive priced power to be generated and sold from the plant," EWC said.

It said the strategic location of the terminal, which sits along international LNG trade routes, will help the development of an Asian LNG "spot market."

"EWC also has the flexibility to acquire cargoes of LNG from the international ‘spot market’ as well as from EWC's own gas fields in Indonesia, Australia or its interests in Papua New Guinea," the company said.

The Department of Energy (DOE) last year approved the project, giving the Australian firm a 25-year license to develop and operate in the Philippines.

Undersecretary Jay Layug said the government is banking on the development of the country's LNG infrastructure to secure power supply especially once the Malampaya field runs out of gas.

"The problem is it takes time to develop the infrastructure that's why we are laying the foundation now," he said.

With its 2.7 trillion cubic feet of reserves, the Malampaya is the country’s biggest natural gas source to date, fueling three power plants in Luzon with a combined output of about 2,700 megawatts.

The field's production is expected to last until 2024 after exploratory drilling conducted by operator Shell Philippines Exploration B.V. found no additional reserves.