US-based New Fortress Energy is joining forces with the Philippine National Oil Company to develop LNG and power infrastructure in the Southeast Asian country.
The two firms signed a non-binding memorandum of understanding on Wednesday during a virtual ceremony.
Furthermore, the ceremony featured PNOC CEO Reuben S. Lista and NFE head Wes Edens.
Under the deal, the duo will work to boost the development of LNG and power infrastructure in the country.
The Philippines has already several proposed LNG import developments to feed its power plants.
The country is in need of new fuel sources as the Malampaya gas field appears to be winding down.
“The memorandum will enable cleaner, more affordable and more reliable energy for the people of the Philippines,” said Wes Edens.
“Increasing access to power across the islands at a rapid pace will create significant growth opportunities,” he said.
“NFE can help us bridge the gaps in the value chain for a robust LNG industry and enable us to take that giant leap towards the realization of the Philippines’ potential as a strategic LNG hub for the Asia-Pacific region,” said Lista.