Reuters reports that the Tanglawan LNG hub venture was supposed to have a capacity of 2.2 million tpy, with startup targeted by 2023. In order to support the facility, Phoenix was also planning to construct a 2000 MW power plant.
According to Reuters, the two companies jointly requested that the Department of Energy (DoE) put the project on hold after Pheonix parent Udenna Corp. acquired a 45% stake in the Malampaya natural gas consortium.
Reportedly, Phoenix now wants to reassess the project, and plans to submit a new concept to the DoE.
Last month, Udenna reportedly signed an agreement to acquire Chevron’s 45% stake in the Malampaya gas-to-power project. Malampaya is operated by Shell Philippines Exploration BV, and provides fuel for power plants with a combined capacity of over 3000 MW. Shell holds a 45% stake, whilst Philippines National Oil Co. holds the remaining 10%.
