Sunday, April 24, 2011

InterOil eyes LNG terminal in Philippines

Source:
The National - Friday, March 25, 2011
INTEROIL Corp said on Wednesday that it and another company has signed a non-binding agreement with Energy World Corp (EWC) Ltd that could give them an ownership stake in Energy World’s proposed liquid natural gas hub terminal in the Philippines, as well as establish a downstream LNG services company.Financial terms of the memorandum were not disclosed.Seaforth, Australia-based EWC has a permit to construct an LNG hub terminal and 300MWt gas turbine on Pagbilao Grande Island.If the agreement becomes official, InterOil, which is based in Cairns, with US headquarters in Houston, would team up with Pacific LNG Operations Ltd, which operates in Papua New Guinea.The gas distribution services company would purchase, transmit, distribute and sell LNG and/or regasified LNG on a wholesale or retail basis to the Philippines. – Houston Business Journal