Shell to spend $1.6bn on LNG import, regasification terminal in Philippines
Shell will develop an LNG import and re-gasification terminal in the Philippines, members of the UK government confirmed on Thursday.
The news broke as President Benigno Aquino III of the Philippines visited the UK this week as an official guest of the British government.
During the visit, Shell confirmed its plans to increase its investments with an addition of over $1.6 billion for the development of an LNG import and re-gasification terminal, the UK Foreign & Commonwealth Office said in a news release.
The precise location of the terminal was not disclosed in the report. However, other news reports said the proposed site would be adjacent to Shells refinery facility in Tabangao, Batangas.
The feasibility study is expected to be completed within a year with a "first gas" target date is in 2016.
Shell is already the largest foreign investor in the Philippines at over $5 billion.
President Aquino and eight of his senior cabinet ministers will next travel to the US, where they will meet with President Barack Obama.
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