Yu Jeong-Joon, SK E&S President and Chief Executive Officer (left), Alfonso Cusi, Department of Energy Secretary (middle) and Ramon Lopez, Department of Trade and Industry Secretary (right) participating in a photo opportunity after signing the LOI. [Photo provided by SK E&S ]
SK E&S, the clean energy & solution unit of South Korea’s third largest conglomerate SK Group, said it is competing for a $1.7 billion state project to build liquefied natural gas infrastructure in the Philippines.
The company said Thursday it has signed a letter of intent (LOI) with the Philippine Department of Energy, outlining its blueprint to build a LNG terminal with an annual capacity of 5 million tons, a 600-MW LNG plant and 150 km-long pipelines connecting them.
Details of the tender are yet to be disclosed, but the Manila authorities are expected to name the leading consortium by the first quarter of next year, according to a company official.
SK E&S expressed hopes for its chance of winning the deal as the two governments vowed to cooperate in energy business including the project during Philippine President Rodrigo Duterte’s first state visit to Korea for a summit with Korean President Moon Jae-in.
Earlier, SK E&S established an office in Manila, aimed to win the project to build the LNG infrastructure, a work that can create 800,000 jobs a year.
By Kang Doo-soon and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]