Energy World Corporation Prepares for LNG Hub in the Philippines

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Researched by Industrial Info Resources (Sugar Land, Texas)--In January, Energy World Corporation Limited (ASX:EWC) (EWC) (Hong Kong) received a construction permit for its liquefied natural gas (LNG) hub terminal on Pagbilao Grande Island in the Philippines. As of now, the Philippines does not import any natural gas in the form of LNG; however, EWC's new project represents one of the country's first terminals.

EWC broke ground in the Barangay Ibabang Polo Industrial Park on Pagbilao in August 2009. Afterward, EWC began extensive planning and will finally commence with construction in the second quarter of this year. The project will involve the development of an LNG regasification and storage terminal, as well as an associated power plant. EWC is expecting to make its final investment decision for the LNG terminal in March, and then will open bids for contractors.

The terminal, with an estimated total investment value of $100 million, will include a regasification terminal capable of handling up to 2.5 million metric tons of LNG per year, as well as a storage tank with a capacity of 130,000 cubic meters. EWC may implement a second phase after initial completion in 2013, which will boost the capacity of the regasification terminal to 5 million metric tons per year and add another 130,000-cubic-meter storage tank. The company is hoping to begin importing LNG from its gas fields in Indonesia and Australia, as well as from its interests in Papua New Guinea. LNG imports will mainly go to power production and fuel for vehicles.

After the LNG terminal is completed in 2013, EWC is planning to begin construction on an associated natural gas-fired, combined-cycle cogeneration power plant. The $300 million power plant, which also will supply the local grid as well, will begin generating 300 megawatts upon completion at the end of 2015.

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