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PNOC, CPP sign MoU on energy projects
PHILIPPINES
STATE-RUN Philippine National Oil Co. (PNOC) and China Petroleum Pipeline Engi- neering (CPP) have teamed up to develop energy infrastructure projects in the Southeast Asian country.
e two companies signed a memorandum of understanding (MoU) over lique ed natural gas (LNG), re nery and oil depot projects. No further details were given over the agreement.
Pipeline construction specialist CPP, a unit of state-owned China National Petroleum Corp. (CNPC), claims to have built more than 100,000 km of oil and gas pipelines as well as a myriad of other transportation and storage projects.
In March, PNOC signed an MoU with Phoe- nix Petroleum Philippines and CNOOC Gas and Power – a unit of state-owned China National O shore Oil Corp. (CNOOC) – on the $2bn Tanglawan LNG project.
e agreement allows the three companies to discuss opportunities and equity investment in the LNG hub project. Work on the receiving terminal, which will have a capacity of 2.2mn tonnes per year (tpy), is anticipated to start this year, with commercial operations slated to begin by 2023. Phoenix also intends to build a 2,000- MW power plant to support the project.
Manila’s energy dealings with Beijing’s state majors come amid wider tensions between the two governments over disputed South China Sea waters. China lays claim to around 95% of the South China Sea, bringing it into con ict with the Philippines, Vietnam, China, Brunei, Taiwan and Malaysia.
Philippine Defence Secretary Del n Loren- zana criticised China’s aggressive actions in the sea on July 30, saying: “ ey say we do not bully people around, they follow international law, but I said you are not, what you are telling is not what you are doing on the ground.”
e defence chief was responding to Chinese Ambassador Zhao Jianhua’s comments on July 29 that his country was not seeking hegemony in the disputed region and would not “take the rst shot.”
China and Vietnam, meanwhile, have been locked in a stand-o at Vanguard Bank in the South China Sea since July 4, when Chinese survey ship Haiyang Dizhi 8 entered Vietnam’s 200-nautical mile (370-km) exclusive economic zone (EEZ).
e ship – reportedly escorted by 35 Chinese coastguard vessels – is understood to have con- ducted marine seismic surveys.™
RENEWABLES
US investors buy into Taiwanese wind
TAIWAN
TAIWANESE chemicals group Swancor has sold its pioneering o shore wind unit to US investor Stonepeak Infrastructure Partners as the coun- try’s o shore sector matures and attracts global portfolio investors.
Swancor sold a 95% stake in Swancor Renew- able Energy to Stonepeak for an undisclosed sum, although the ling with the Taiwan Stock Exchange said it was between $9.99m and $85.47m. It retains the remaining 5%.
Swancor Renewable Energy built the coun- try’s rst 8 MW of o shore capacity at Formosa 1 together with global wind giants Macquarie Capital and Ørsted.
Swancor has a 15% stake in Formosa 1, with Macquarie holding 50% and Ørsted 35%.
The partners are also developing the 120- MW second phase of Formosa 1 and the 376- MW Formosa 2 project, both o the coast of Miaoli County in the west of the country.
Swancor Renewable Energy has a 25% stake in Formosa 2 with Macquarie holding the 75% majority stake. e transaction means Swancor Holding will have a 1.25% stake in the project,
while Stonepeak will hold 22.5%.
Swancor Renewable Energy installed the rst
6-MW Siemens Gamesa turbine at Formosa 1 phase 2 in July.
e company said in a statement that both projects remained unchanged, with Formosa 1 phase 2 set to be completed by the end of 2019 and Formosa 2 by 2021.
is is the rst move of Stonepeak, which manages $15bn of assets, into Southeast Asian renewables. Its current renewables and com- munications assets are concentrated in North America.
e company said it was aiming to use Tai- wan as a base for further expansion into green markets in Japan, South Korea and the rest of Southeast Asia.
Swancor said the sale of its subsidiary was part of its plans to concentrate on and expand its core business of resins and composite materials manufacturing, especially for wind turbines.
Taiwan has ambitions to develop a total of 2.5 GW of o shore wind capacity at the Formosa 1, Formosa 2 and future Formosa 3 projects.™
Week 31 06 •August•2019 w w w . N E W S B A S E . c o m P7