Nelson Morales

Aboitiz, Ang, Pangilinan power firms finish deal for integrated LNG facility

Article (news)

Benise Balaoing

ABS-CBN News

<p>MANILA — Three of the biggest players in the Philippine power industry have finshed their deal to operate an integrated liquefied natural gas facility.</p><p>Meralco PowerGen Corporation (MGen), Aboitiz Power Corporation, and San Miguel Global Power Holdings Corp. (SMGP) have completed their agreement for the LNG facility which they described as the first and most expansive LNG facility in the country.</p><p>In disclosures to the Philippine Stock Exchange (PSE), Meralco said Chromite Gas Holdings Inc. (Chromite)--a venture of MGEN and Aboitiz&#x27;s Therma Natgas Power Inc. (Therma)--is investing in a 67 percent stake in San Miguel units South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI), and Ilijan Primeline Industrial Estate Corp.</p><p>Chromite and San Miguel Power will also jointly buy 100 percent of Linseed Field Corp. (LFC), which operates the liquefied natural gas (LNG) terminal in Batangas City.</p><p>This means MGEN and Therma, through their 60/40 ownership of Chromite, will control 67 percent of SPPC, EERI, and Ilijan Primeline. </p><div><a href="https://www.abs-cbn.com/business/2024/3/4/aboitiz-ang-pangilinan-sign-3-3-b-power-deal-932" rel="noopener noreferrer" target="_blank">Aboitiz, Ang, Pangilinan sign $3.3-B power deal</a></div><p>The deal, worth $3.3 billion, is expected to increase the country&#x27;s power supply with over 2,500 MW of generation capacity once fully operational.</p><p>The Philippine Competition Commission approved the deal in <a href="https://www.abs-cbn.com/news/business/2024/12/23/competition-commission-approves-aboitiz-ang-pangilinan-power-deal-1546" rel="noopener noreferrer" target="_blank">December</a>.</p><div><a href="https://www.abs-cbn.com/business/2024/3/7/consumer-group-hits-aboitiz-ang-pangilinan-energy-deal-1716" rel="noopener noreferrer" target="_blank">Consumer group hits Aboitiz-Ang-Pangilinan energy deal</a></div><p>Business tycoon Manny Pangilinan owns MGen, while Sabin Aboitiz owns Therma. San Miguel Power, meanwhile, is owned by Ramon Ang. Pangilinan said the deal is a &quot;pathbreaking venture,&quot; which will transform the Philippine energy landscape.</p><p>Aboitiz, meanwhile, said that this investment is a definitive step towards energy security, which will boost the Philippines&#x27; economic growth.</p><p>For his part, Ang said the move will ensure reliable and cost-efficient power for many Filipinos.</p><div><strong>RELATED VIDEO: </strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/UC-1PYTGN2s?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Three Philippine power industry giants have finalized their deal for the country's biggest liquefied naturaln gas facility.</p>

Three Philippine power industry giants have finalized their deal for the country's biggest liquefied naturaln gas facility.