Published April 29, 2021, 2:58 PM
Project sponsor-firm Vires Energy Corporation (VEC), a subsidiary of listed firm A. Brown Company Inc., has formally admitted to the Department of Energy (DOE) the information lapse on its targeted deployment of floating storage and regasification unit (FSRU) that is tied to its planned liquefied natural gas (LNG) import facility in Batangas.
That then prompted the DOE to issue a statement clarifying that the “BW Paris” FSRU will no longer be used by VEC because it was not able to firm up a deal with the owner-firm BW FSRU Pte. Ltd., which is a wholly owned subsidiary of BW Gas Limited of Norway.
DOE flagged on error in Vires Energy s LNG application – Manila Bulletin mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
27 April 2021 2:32 GMT Updated 27 April 2021 2:32 GMT in Singapore
Vires Energy has received the green light from the Philippines government to progress its planned liquefied natural gas import project in the Southeast Asian nation.
The Department of Energy has approved Vires’ Notice to Proceed application for the proposed integrated LNG project in Batangas province.
Receiving the NTP is a key step that allows companies to acquire the necessary permits, which should help to ensure the project leaves the drawing board. Vires will also need submit proof of financing together with the relevant permits to the regulator within six months.
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Published April 27, 2021, 7:00 AM
Another notice-to-proceed (NTP) permit was granted by the Department of Energy (DOE) for the installation of an offshore liquefied natural gas (LNG) import facility for a total of six ventures approved so far.
Approved is Vires Energy Corporation, which was acquired last year of Filipino listed firm A. Brown Company Inc. from Singaporean firm Argo Group Pte. Ltd.
According to the energy department, the targeted LNG import facility will also deploy floating storage regasification unit (FSRU) to be sited in Batangas, where most of the country’s existing gas-fired power fleet are installed.
For the anchor market of the proposed gas import terminal, the DOE specified that the project proponent firm will be setting up a 500-megawatt power generating plant proximate to it.