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PNOC rejects unsolicited LNG offer of Lloyds Energy Group
State-run Philippine National Oil Co. rejected the unsolicited proposal of Dubai-based Lloyds Energy Group for a joint venture partnership to develop the country’s first $2-billion integrated liquefied natural gas facility.
“Based on the unsolicited proposal they submitted, Lloyd’s Energy failed to qualify vis-a-vis the evaluation criteria based on the BOT (Build-Operate-Transfer) Law,” newly-appointed PNOC head executive assistant and chief of staff Jannefer Pelayo said.
Lloyds Energy is among the seven companies that submitted unsolicited proposals to develop the country’s first LNG energy hub, Manila Standard reported July 15.
The Philippines is putting up an LNG facility in preparation for the eventual depletion of the Malampaya gas reserves in northwest Palawan.
PNOC in April accepted Lloyds Energy’s offer on the Batangas Bay hub project for evaluation.
Lloyds Energy is a Dubai based company established in 2013 with the strategic aim of delivering LNG to the global market.
Lloyds Energy has grown rapidly by establishing strong international alliances with LNG companies, off-takers and major engineering groups specializing in LNG.
Pelayo said PNOC planned to complete and select a joint venture partner within the year.
“We are still in the process of evaluating the unsolicited proposals with ADB (Asian Development Bank). We are strongly hoping to find our partner for the LNG project soon,” Pelayo said.
PNOC received seven unsolicited offers from Lloyds Energy, Korea Electric Power Co., China National Offshore Oil Corp., Energy World Corp., First Gen Corp., PT. Jaya Samudra Karunia and PT PGN LNG Indonesia/PT Bosowa Corporindo with local partner MOF Corp.
Energy Secretary Alfonso Cusi, who heads, PNOC earlier said two proposals were rejected due to non-compliance with the requirements, but did not disclose the identities of the companies.