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State-owned Philippine National Oil Co. said Thursday that it signed a memorandum of understanding with New Fortress Energy LLC to advance the development of liquefied natural gas infrastructure to supply cost-competitive and reliable energy and natural gas in the Philippines. According to the MOU, PNOC and NFE will work together to identify potential opportunities to accelerate the development of a major LNG and energy infrastructure in the country. Future investments will build a new and durable LNG value chain in the Philippines capable of generating jobs, income and opportunities beyond potential power plants or terminals. NFE is a NASDAQ-listed US-based global energy infrastructure company, founded in 2014, specializing in the construction and operation of LNG import terminals and other facilities related to the utilization of natural gas. It has five operating facilities in the Caribbean and the United States, with numerous additional projects under development around the world. The Secretary of Energy, Alfonso Cusi, who is also ex-officio chairman of the PNOC board, welcomed the signing of the memorandum of understanding and said the company would benefit the country and the Filipino people. “We welcome this recent development in light of our intensified efforts to ensure the country’s energy security with the expected depletion of Malampaya, and as part of our initial steps towards achieving our vision of establishing the Philippines as a regional LNG hub in Southeast Asia. We hope that this association will bear fruit that will benefit our people, ”said Cusi. The MOU was signed on October 14 in a virtual ceremony that featured PNOC President and CEO Reuben Lista and New Fortress President and CEO Wes Edens. “The memorandum … will enable cleaner, more affordable and reliable energy for the people of the Philippines. Increasing access to energy on the islands at a rapid pace will create significant growth opportunities. We look forward to working closely with our PNOC partners and the government to provide more reliable energy and help accelerate the clean energy transition, ”said Edens, co-owner of the NBA Milwaukee Bucks team. Cusi joined the virtual meeting to witness the signing ceremony and show the DOE’s support for the joint venture. PNOC is in the process of competitively selecting a partner for the LNG terminal project when it was shelved in December 2018 in light of increased interest from the private sector to undertake, on their own, the entire project. The measure was intended to demonstrate the government’s policy of encouraging private capital investment without prejudice to the role assumed by PNOC as a catalyst to develop and establish a growing value chain for LNG in the country. “We are confident that, with this cooperation with New Fortress Energy, PNOC will find meaningful ways to contribute to achieving energy security and stability in the country,” said Lista. He said NFE could help close the gaps in the value chain for a robust LNG industry “and enable us to make that big leap towards realizing the Philippines’ potential as a strategic LNG hub for the Asia-Pacific region.”
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