PT Pertamina, the second-largest crude oil producer in Indonesia, expressed interest to take part in the development of Liquefied Natural Gas (LNG) in the Philippines through a regasification hub project with potential investment of US$1 billion.
Trade and Industry Secretary Ramon M. Lopez (Bloomberg)
Trade and Industry Secretary Ramon M. Lopez revealed this after meeting Tuesday, Jan. 29, with PT Pertamina executives led by Corporate Marketing Director Basuki Trikora Putra, who conveyed the company’s readiness to offer its integrated LNG solutions by investing in FSRU or landed based LNG regasification and provide competitive LNG supply.
This is the first visit of PT Pertamina in the Philippines.
“More investors, in different industries like PT Pertamina, have expressed their confidence in the country’s economic stability and business environment under the Duterte administration. They wish to partner with us in creating a more comfortable life for every Filipino through various opportunities,” said Lopez.
During the meeting, Lopez shared the growing energy landscape in the Philippines and the government’s position on renewable energy sources.
“The Philippines is very much open for LNG investors. We will assist and work with them in looking for trusted partners until they begin their operations,” he added.
PT Pertamina is a state-owned national energy company of Indonesia, which owns six refineries in their country that have combined production capacity of one million barrels of oil a day.
“Having a long experience as one of the world leading LNG global players, we would like to share the same experience in the Philippines. We are really keen to invest in the Philippines,” Putra was quoted as saying during the meeting.
The company is also set to meet with the Board of Investments (BOI), Department of Energy (DOE), and Energy Regulatory Commission (ERC) to be aligned with the government’s plans and policies on energy and investment.
Other PT Pertamina officials present at the meeting include Indonesian Ministry of Foreign Affairs Director for SEA Hastin Dumati, PT Pertamina LNG Global Venture Manager Imam Mul Akhyar, SVP Gas & LNG Management Tanudji Darmasakti, and Indonesian Embassy Manila First Secretary Arief Adnan.
DTI officials, who attended the high-level meeting, include Undersecretary Rowel Barba, Assistant Secretary Angelo Taningco, and BOI International Investments Promotion Service Chief Lanie Dormiendo, Director Nestor Arcansalin.
Earlier, the Department of Energy (DOE) has granted its final approval to the US$2.0-billion integrated liquefied natural gas (LNG) import facility and power plant projects of Davao businessman Dennis Uy in tandem with China National Offshore Oil Corporation (CNOOC) which shall be concretized under corporate vehicle Tanglawan Philippines LNG, Inc.
Cahiles-Magkilat, B. (January 30, 2019). Pertamina eyes $1-B LNG investment in PH. Manila Bulletin. Retrieved from https://business.mb.com.ph/2019/01/30/pertamina-eyes-1-b-lng-investment-in-ph/