Manila seeks World Bank help for LNG plans

Philippine National Oil Co. is turning to the International Finance Corp. to help spur development of its first LNG import project
By Damon Evans 14 September 2017
Shell's Malampaya field project. The Malampaya field is predicted to be near exhaustion by 2024. (Shell)

State-owned Philippine National Oil Co. (PNOC) is in advanced talks with the International Finance Corp. (IFC), a member of the World Bank Group, to accelerate development of the country’s maiden LNG import project.

Local media has reported the IFC will help PNOC structure a planned FSRU and gas-to-power project in a way that makes it legally, technically and financially feasible. The IFC could also assist with financing the scheme.

The global development institution will help the NOC optimise its unused gas at the Malampaya gas...

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