BOOKMARK
  • Korean|
  • Chinese|
  • Japanese|
  • Vietnamese
본문내용 바로가기

Aju Business Daily

SEARCH
  • ECONOMY
  • ENTERTAINMENT
  • IT
  • South Korea
  • North Korea
  • WORLD
  • SPORTS
  • LIFESTYLE
  • AUTO MOTIVE
  • OPINION
  • PEOPLE
  • MILITARY
Home > Business > article

S. Korea's SK E&S joins race to participate in gas project in Philippines

Lim Chang-won Reporter(cwlim34@ajunews.com) | Posted : June 7, 2018, 13:43 | Updated : June 7, 2018, 13:43
  • 트위터
  • 페이스북
  • 웨이보

[Courtesy of SK E&S]


SEOUL -- SK E&S, a South Korean energy company involved in gas field development and power generation, jumped into the international race to participate in liquefied natural gas (LNG) projects in the Philippines.

SK E&S said Thursday that it has signed a letter of intent (LOI) with the Philippines' Department of Energy to participate in a project worth 1.8 trillion won ($1.68 billion) to build an LNG terminal with a capacity of up to five million tons per year, LNG power plans and pipelines on Luzon Island.

It was not clear when the final contractor will be selected, but the LOI was part of an energy cooperation agreement signed at the end of a summit this week in Seoul between South Korean President Moon Jae-in and Philippine President Rodrigo Duterte.

Many foreign companies are competing to participate in gas projects in the Philippines as Malampaya, the country's only source of natural gas, is expected to be exhausted by 2024. The gas field provides more than 40 percent of Luzon's power requirements.

Power demands are increasing rapidly in the Southeast Asian country due to aggressive economic development. To curb price spikes for electricity, Duterte targets total household electrification before he leaves office in 2022.

 

  • Lim Chang-won Reporter
  • email : cwlim34@ajunews.com
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.
  • twitter
  • facebook
  • weibo
  • link copy
  • LIST
  • TOP

Related news

  • .SK Telecom forges partnership with Microsoft to roll out cloud-based big data analytics service.
    SK Telecom forges partnership with Microsoft to roll out clo…
  • .SK Innovation partners with U.S. company to develop lithium metal batteries .
    SK Innovation partners with U.S. company to develop lithium …
  • .Samsungs outdoor ad sparks speculation about foldable phone.
    Samsung's outdoor ad sparks speculation about foldable phone
  • .CJ E&M promises to make announcement later on proposed deal with LGU+.
    CJ E&M promises to make announcement later on proposed deal …
  • .SK Telecom to demonstrate 5G car security solution at MWC.
    SK Telecom to demonstrate 5G car security solution at MWC

Real Time Photo News

  • .SM Entertainment agrees to set up joint venture with Indonesian media company.

    SM Entertainment agrees to set up joint venture with Indonesian media company

  • .Girl band AOAs Seolhyun stars in cable TVs historical period drama .

    Girl band AOA's Seolhyun stars in cable TV's historical period drama

  • .BTS becomes first K-pop band to go on global stadium tour.

    BTS becomes first K-pop band to go on global stadium tour

  • .Rookie girl band ITZY drops dance practice video for debut song.

    Rookie girl band ITZY drops dance practice video for debut song

  • .S.E.S. member Shoo gets suspended jail term for habitual gambling.

    S.E.S. member Shoo gets suspended jail term for habitual gambling

Latest News

more+

  • SK Telecom's broadband subsidiary agrees to acquire cable TV operator
  • SM Entertainment agrees to set up joint venture with Indonesian media company
  • LGU+ to demonstrate 5G smart factory solutions at MWC in Barcelona
  • SK hynix selects place to build world's biggest microchip cluster
  • Samsung's foldable phone demonstrates new technology in display
Aju Business Daily
  • ABOUT US
  • CONTACT US
  • PRIVACY STATEMENT
  • Copyright Policy

Address : Aju News Corporation LEEMA Building, 11th floor, 42, Jong-ro 1-gil, Jongno-gu, Seoul.    Mail : swatchsjp@ajunews.com

Copyright ⓒ 2016 By Ajunews Corporation, All Rights Reserved.

Mobile view