INDONESIAN oil and gas producer PT Pertamina (Persero) has expressed interest in setting up a regasification hub in the Philippines worth some $1 billion, according to the Department of Trade and Industry (DTI).
In a statement Wednesday, Trade Secretary Ramon M. Lopez said the plan was presented to the department on Jan. 29.
“More investors, in different industries like PT Pertamina, have expressed their confidence in the country’s economic stability and business environment under the Duterte administration. They wish to partner with us in creating a more comfortable life for every Filipino through various opportunities,” Mr. Lopez said in the statement.
Pertamina Corporate Marketing Director Basuki Trikora Putra was quoted as saying that the company “is ready to offer its integrated LNG solutions by investing in FSRU or land-based LNG regasification and provide competitive LNG supply.”
He was referring to Floating Storage Regasification Unit terminals.
“Having long experience as one of the world-leading LNG global players, we would like to share the same experience in the Philippines. We are really keen to invest in the Philippines,” Mr. Basuki was quoted as saying.
Mr. Lopez said the DTI will assist Pertamina in looking for local partners for the project.
Pertamina operates six refineries in Indonesia with a combined production capacity of one million barrels of oil a day.
The government is currently moving to develop an LNG facility to get ahead of the expected depletion of the Malampaya field starting 2024. — Janina C. Lim
