MANILA, Philippines – Trans-Asia Petroleum Corp., a subsidiary of Phinma Energy Corp., is conducting a study to develop a liquefied natural gas (LNG) terminal and 380-megawatt (MW) power plant in Sual, Pangasinan.
The company is currently doing a feasibility study on a LNG receiving terminal and a power plant in the province which will be finished in early 2017, Trans-Asia Petroleum executive vice president Raymundo Reyes said.
“The study involves everything, even costing. It also includes different options and configurations, whether FSRU (floating storage and regasification unit) or terminals,” he said. “It will be finished early next year, in the first quarter.”
Last April, the company announced it is venturing into the LNG sector amid the need for new sources of fuel as the Malampaya deep water gas-to-power project is nearing depletion by 2022 or 2024.
The LNG integrated facility will be adjacent to the company’s $1-billion, 900-MW coal-fired power plant in the province currently under development.
Once the study is finished, Trans-Asia will scout for potential partners for the development of the LNG facilities, Reyes said.
The company official said they are in talks with those interested to develop the terminal, the power plant and those interested to supply gas.
“There are a lot of potential partners but we are still deciding. Probably by second quarter of next year, we will talk with potential partners,” Reyes said.
Once partnerships are forged, Trans-Asia will make a final investment decision (FID) in 2018.
“The final investment decision will come in early 2018 because we still need to secure financing,” Reyes said.
The company is eyeing the power plant to have bilateral contracts and as a merchant plant, or by selling through the wholesale electricity spot market.