MANILA, Philippines — Davao-based businessman Dennis Uy is now identifying potential sites for his planned LNG terminal as he aims to become the first LNG proponent in the Philippines, a goal that would pit him against other veteran power players in the country such as the Lopez Group and Phinma.
LNG or liquefied natural gas is natural gas that has been converted into liquid for ease of storage or transport.
Uy said his flagship Phoenix Petroleum is partnering with the CNOOC Group, China’s largest offshore oil and gas company, for the planned LNG terminal and power plant.
Phoenix expects to complete its feasibility study on the proposed project by the end of the year.
Phoenix is also in talks with the Philippine National Oil Co. (PNOC) for the LNG project, Uy added.
Meanwhile, PH Resorts Group, the holding company for Uy’s hospitality and gaming businesses, is pouring in at least $200 million for its second casino in Clark, Pampanga.
Uy’s first casino is the $341 million Emerald Resort and Casino, which will rise on a 12.5-hectare prime beachfront property on Mactan Island in Lapu-Lapu City, Cebu.
Aside from the two casinos, PH Resorts will also develop a hotel in Panglao and an events place in Davao.
“The one in Davao will be a joint undertaking with Enderun Coilleges,” PH Resorts president Raymundo Escalona said.