In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum said the Department of Energy (DOE) granted Tanglawan Philippines LNG Incorporated the notice to proceed to build the facility, to support the energy demand in Luzon.
Tanglawan plans to break ground by 2019 and aims to start commercial operations by 2023.
The company also said the facility would produce energy that will be clean, low-cost, and environment-friendly.
The LNG terminal project aims to generate up to 2,000 megawatts in the long term.
The project is among Uy's interests in the power industry.
PXP Energy intends to use the funds raised for oil exploration activities. (READ: 'Forces' in gov't pushed for PH-China oil deal – Locsin)
PXP Energy previously expressed interest in oil exploration activities in the West Philippine Sea. – Rappler.com