Chelsea Logistics Holdings is exploring a possible joint development regarding a fuel and LNG storage and terminal with Philippine National Oil Co. (PNOC), in Mabini, Batangas. Before this development, in March, Phoenix Petroleum had signed an MoU with PNOCa nd CNOOC Gas and Power Group Co. Ltd., to explore business opportunities surrounding the LNG hub project.
Commenting on the announcement, Chryss Alfonsus V. Damuy, Chelsea president and chief executive officer, noted that the company is also exploring ways to serve the future vessel requirements for the transportation of PNX’s (Phoenix Petroleum Philippines) LNG products.
This development is the latest in the LNG terminal that Phoenix Petroleum plans.
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In March, the company had revealed that it signed an MoU with PNOC and CNOOC Gas and Power Group Co., aiming to analyze business opportunities in the LNG hub project.
The MoU will enable the companies to discuss business opportunities and cooperation regarding the equity investment in Tanglawan Philippine LNG, Inc., which is the project entity for the LNG project.
As Chelsea announced, the fuel and LNG terminal project will form part of the plan for the creation of a downstream LNG network among Phoenix Petroleum, CNOOC G&P and PNOC.