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AG& P investing $315M in LNG facility in Batangas to supply fuel to Ilijan plant

Atlantic Gulf & Pacific Company of Manila Inc. plans to put up a liquefied natural gas import facility in Batangas City to supply re-gasified LNG to the 1,200-megawatt Ilijan natural gas power plant, documents filed with the Department of Environment and Natural Resources show Friday......»»

Category: financeSource: thestandard thestandardOct 23rd, 2020

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020

Phoenix Starts Operation of Asphalt Facility

Phoenix Asphalt Philippines Inc., a subsidiary of Phoenix Petroleum, has completed the first phase of construction of its own asphalt plant in Calaca, Batangas, and is now fully operational to supply quality bitumen products to contractors in the country. The asphalt storage facility features two vertical storage tanks that can accommodate 6,200 metric tons of […].....»»

Category: newsSource:  metrocebuRelated NewsJul 1st, 2020

PanAsia plans to invest P63b in 1,700-MW LNG project

Panasia Energy Inc. is investing P63 billion to build a 1,700-megawatt liquefied natural gas plant in Barangays Dela Paz Proper and Ilijan, Batangas City......»»

Category: financeSource:  thestandardRelated NewsJan 2nd, 2020

Fire hits fuel plant in Batangas

A fire of unknown origin broke out at the JG Summit Petrochemical Complex in Batangas City on Saturday night......»»

Category: newsSource:  philstarRelated NewsSep 27th, 2020

No impact on fuel supply if onerous Chevron land rental not renewed – DOE

MANILA, Philippines – The Department of Energy (DOE) said there would be "no impact" on the country's fuel supply if oil firm Chevron Philippines' lease contract for a property in Batangas would not be renewed by the government. "There is no impact on our energy because what we ........»»

Category: newsSource:  rapplerRelated NewsFeb 23rd, 2020

Shell conducts fuel marking operations

Pilipinas Shell Petroleum Corp. said on Friday it conducted fuel marking operations in its Northern Mindanao Import Facility in Cagayan de Oro City and the Tabangao Refinery in Batangas in 2019. .....»»

Category: financeSource:  thestandardRelated NewsJan 10th, 2020

Dagupan City prepares rollout of $15 million waste-to-energy plant first of its kind in SE Asia

A groundbreaking $15-million facility that will convert solid waste into fuel is nearing the final stages of completion in Dagupan, a first-class city in the northern province of Pangasinan......»»

Category: financeSource:  philstarRelated NewsNov 24th, 2019

Japanese lens maker invests additional $15.8 million for Batangas plant

Japanese lens maker Hoya Lens Philippines Inc. is investing $15.77 million to increase the capacity of its Batangas factory for prescription lenses and improve production operations for stock lenses......»»

Category: financeSource:  philstarRelated NewsSep 20th, 2019

Meralco seeks early approval of 455-MW Quezon power plant

Manila Electric Co. (Meralco) is appealing to regulators to approve its power plant in Quezon province to augment supply in the Luzon grid, which would lose about 600 to 900 megawatts (MW) of capacity during the shutdown of the Malampaya gas facility next month......»»

Category: financeSource:  philstarRelated NewsSep 16th, 2019

Coca Cola sees recycling plant bandwagon in the Philippines

Coca Cola Beverages Philippines Inc. (CCBPI) is investing, along with other companies, in a P1 billion recycling facility project for plastic bottles which it sees as paving the way for other similar facilities in the country......»»

Category: financeSource:  philstarRelated NewsJun 10th, 2019

Coca Cola invests P1 billion for Philippine recycling plant

Coca Cola Beverages Philippines Inc. (CCBPI) is investing P1 billion in a recycling facility to turn plastic bottles into new ones......»»

Category: financeSource:  philstarRelated NewsJun 9th, 2019

SMC wins Ilijan IPPA cases vs PSALM

The power unit of San Miguel Corp. (SMC) scored another win against state-run Power Sector Assets and Liabilities Management Corp. (PSALM) for the output administration of the 1,200-megawat Ilijan power plant in Batangas......»»

Category: financeSource:  philstarRelated NewsMay 27th, 2019

Meralco-EGCO plant supplies full capacity Manila Bulletin Business

Meralco-EGCO plant supplies full capacity Manila Bulletin With Luzon grid still strained with tight supply dilemma, the commercial fruition of the San Buenaventura power facility to its full load cap.....»»

Category: newsSource:  manilanewsRelated NewsMay 27th, 2019

San Miguel power unit disputes gov’t claim of unpaid fees

SOUTH PREMIERE Power Corp. (SPPC) said it had paid the government P289.1 billion since 2010 in various fees as administrator of the Ilijan power plant in Batangas, as it disputed the P19.75 billion in supposed unpaid dues being claimed by the state energy privatization agency......»»

Category: financeSource:  bworldonlineRelated NewsMay 20th, 2019

EDC signs geothermal power supply deal with garment exporter Hamlin

ENERGY Development Corp. (EDC) said it signed an agreement to supply power from its geothermal plant to Hamlin Industrial Corp.’s facility in Cavite......»»

Category: newsSource:  bworldonlineRelated NewsMay 16th, 2019

DoE may limit power contracts to 70% of plant capacity

THE Department of Energy (DoE) is drafting rules that will cap the energy contracted by power plants to just 70% of their installed capacity, leaving a sufficient buffer for use as replacement power to replace the supply lost during unscheduled or unplanned facility outages......»»

Category: financeSource:  bworldonlineRelated NewsMay 15th, 2019

Economy: DoE assures sufficient supply, minimal price shock during Malampaya shutdown

THE GOVERNMENT on Tuesday assured that power supply for Luzon will be adequate during the scheduled maintenance shutdown of the Malampaya facility although electricity prices could rise "inevitably" as gas-fed power plants shift to oil for their fuel......»»

Category: financeSource:  bworldonlineRelated NewsJan 10th, 2017

First Gen eyes Meralco contract for Batangas plant

MANILA, Philippines - First Gen Corp. is looking to land a contract to supply Manila Electric Co......»»

Category: financeSource:  philstarRelated NewsOct 17th, 2016

Economy: DoE eyes building 200-MW plant as backup facility

THE Department of Energy (DoE) is looking at building a 200-megawatt (MW) plant that runs on liquefied natural gas (LNG) as a backup facility that can be run during times of supply shortage, which recently happened when several power plants went on a forc.....»»

Category: financeSource:  bworldonlineRelated NewsAug 16th, 2016

Nestlé to help grow cassava industry

Swiss food and beverage giant Nestlé and its Philippine subsidiary has helped coffee growers as part of its Nescafe “shared value” creation efforts. With its P2-billion Milo malt plant now rising at its Batangas facility, it will do the sam.....»»

Category: newsSource:  mb.com.phRelated NewsAug 14th, 2016