Manila Electric in Talks with Osaka Gas for $2B Natural Gas Project

Reuters

MANILA, Feb 26 (Reuters) - The Philippines' biggest power utility, Manila Electric Company, is in talks with Osaka Gas Co Ltd to build natural gas facilities worth about $2 billion, aiming to tie up long-term electricity supply, its chairman said on Thursday.

The project includes building a power plant with capacity of up to 1,500 megawatts (MW) and a facility to convert imported liquefied natural gas, said Manuel Pangilinan, chairman of Manila Electric (Meralco).

"They (Osaka Gas) want to build a gas (power) plant in the Philippines, around 1,200 to 1,500 MW, with Meralco," Pangilinan told reporters. "It might be done in phases."

Meralco is preparing a memorandum of understanding with Osaka Gas for the project, Pangilinan said, adding the facilities would be located on the main island of Luzon, home to most of the Philippines' manufacturing firms and call centres.

The country's largest power retailer is venturing into generation to secure ample long-term supply for customers, Meralco Senior Vice President Betty Siy-Yap told Reuters.

(Editing by Clarence Fernandez)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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