On Hold, Or Not on Hold...That is the Question - Tree - 10-02-2012
Energy World Coroporaion said in a statement that it has not temporary put on hold the construction of its proposed LNG Hub Terminal and regasification facility as reported in the newspaper article in the Philippines.
In fact Energy World Corporation has reached a milestone in the construction of the Pagbilao LNG Hub Terminal and 300 MW Power Plant with all major earthworks completed and concrete for the LNG tank foundation commenced, the company said in a statement.
The LNG Hub Terminal is the first of its kind in the Philippines, allowing the country to tap into the global supply of clean, safe and environmentally friendly LNG.
The Project represents an investment over 9 Billion Philippine Peso for Phase I and will create hundreds of jobs during the construction and operation of the terminal.
RE: On Hold, Or Not on Hold...That is the Question - Tree - 10-02-2012
EWC report on finanancial network. EWC's PNG opportunity in Western Province??
http://www.finnewsnetwork.com.au/archives/finance_news_network21805.html
RE: On Hold, Or Not on Hold...That is the Question - jft310 - 10-02-2012
O’Neill: Expect changes in budget
Source:
The Nationl, Monday 1st October, 2012
By CLEMENT KAUPA
THE 2013 national budget will break with the conventional money plan, Prime Minister Peter O’Neill said in Lae last Friday.
And drastic changes can be expected in the budget.
“I cannot reveal details of the budget yet but I can assure you it will be different,” O’Neill told very senior officers of the Royal PNG Constabulary (RPNGC), including Police Commissioner Tom Kulunga at the Lae International Hotel.
The prime minister said he was not afraid of making big decisions that would have drastic impacts on the economy and the country.
“I am not afraid of making big decisions ... and the 2013 budget will reveal drastic changes, “O’Neill said.
Though he did not disclose the details of the budget, the prime minister’s brief remarks after closing the week-long RPNGC conference last week hinted at the money plan being big on rescuing ailing national infrastructures around the country.
He mentioned the deteriorating Highlands Highway as being at the top of the government’s priority list of national infrastructure identified for immediate rehabilitation work.
Incidentally, the highway has already secured a rescue package of K96 million from AusAID through the PNG-Australia transport sector support programme and work is expected to commence on the Morobe and Eastern Highlands sections shortly.
Magi and Hiritano highways in Central have also received mention by the prime minister.
Lae wharf expansion and port upgrading are described by O’Neill as two priority projects that will receive his government’s constant support.
A new power plant is also on the government‘s list of projects to be delivered for the port city which the prime minister said was far more important than Port Moresby.
“Lae is the heartbeat of Papua New Guinea,” O’Neill said.
RE: On Hold, Or Not on Hold...That is the Question - Tree - 10-02-2012
http://business.inquirer.net/83730/hk-firm-puts-p9b-project-on-hold
Hong Kong-based Energy World Corp. Ltd. has temporarily put on hold the construction of its proposed P9-billion liquefied natural gas (LNG) hub terminal and regasification facility in Quezon due to concerns raised by the provincial government.
The company, however, said it was still keen on pursuing the project, which will be the first facility of its kind in the country.
In an interview, Jesus Tamang, director of the energy policy and planning bureau of the Department of Energy, said Energy World had been addressing all issues raised by the provincial government of Quezon concerning the firm’s application for an environmental compliance certificate (ECC).
Tamang did not elaborate on the issues, except to say that it partly concerned the blasting activities being conducted by the company. He said Energy World would need a go-ahead from the provincial government before it could resume activities relating to the construction of the LNG terminal.
Energy World earlier said the proposed hub on Pagbilao Grande Island, Quezon, would be a significant milestone in the development of the Philippines’ natural gas industry. The construction of the facility at its proposed site would help the development of an Asian LNG spot market since Pagbilao is along the international LNG trade routes.
For Energy World, the project will be a strategic step in its plan to increase the supply and availability of LNG in Asia through new markets.
According to the company, the LNG Terminal would be built in two phases. The first involves the construction of a 130,000-cubic meter LNG storage tank, regasification facility, jetty and the installation of supporting infrastructure. The second phase will involve the establishment of another 130,000-cubic-meter LNG storage tank.
The site of the terminal will be adjacent to the existing Pagbilao power plant of Team Energy, which has a 230-kilovolt switchyard in place and a sheltered deep-water berthing for ocean-going vessels.
The company said it had “received very strong interest from financiers and industrialists in the Philippines to co-invest and develop the LNG terminal.”
Aside from the terminal, Energy World is also planning to put up a 300-megawatt combined cycle gas turbine power plant to serve as an anchor buyer of the LNG.
The power plant would be designed to accommodate the latest high-efficiency and environment-friendly technology available for gas turbines, thus enabling the Philippines to be a leader in this field, the company said. “It will be one of the most efficient power-producing plants in Southeast Asia which, when combined with the fuel gas from the terminal, will allow highly competitively priced power to be generated and sold from the plant,” the company added.
Energy World was able to secure in January last year the permit to “move forward” the proposed terminal and power plant.
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