New York-based New Fortress Energy Inc. has signed a memorandum of understanding with the Philippine National Oil Co. to advance the development of infrastructure to supply natural gas to the Philippines, Kallanish Energy reports.
New Fortress and PNOC will work together under the agreement to accelerate the development of key liquefied natural gas (LNG) and other power infrastructure in the Philippines.
“The memorandum will enable cleaner, more affordable and more reliable energy for the people of the Philippines,” said Wes Edens, CEO and chairman of New Fortress, in a statement.
Increasing access to power across the islands of the Philippines at a rapid pace will create major growth opportunities, he said.
PNOC said the agreement will boost energy security and stability in the Philippines, said Reuben Lista, president and CEO of PNOC, in the statement.
State-run PNOC would like to see the Philippines become an LNG hub for the Asia-Pacific region, he said.
In December 2018, PNOC had shelved seeking a partner for an LNG terminal project. That was done because of increased private sector interest in undertaking the entire project.
This post appeared first on Kallanish Energy News.