New Fortress Energy builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions
New Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress” or the “Company”) announced today that it has signed a Memorandum of Understanding (“MOU”) with the Philippine National Oil Company (“PNOC”) to advance the development of infrastructure to supply reliable, cost-competitive power and natural gas into the Philippine market, for the benefit of the country and the Filipino people.
Under the MOU, PNOC and NFE will work together to identify potential opportunities to accelerate the development of important LNG and power infrastructure in the country, leveraging future investments to build a new and durable LNG value chain in the Philippines capable of generating jobs, revenue and opportunity far beyond prospective terminal or power plant sites.
“The memorandum will enable cleaner, more affordable and more reliable energy for the people of the Philippines,” said Wes Edens, CEO and Chairman of NFE. “Increasing access to power across the islands at a rapid pace will create significant growth opportunities. We look forward to working closely with our partners at PNOC and the government to bring more reliable power and help accelerate the clean energy transition.”
The MOU was signed October 14, 2020 in a virtual ceremony that featured PNOC President and CEO Admiral Reuben S. Lista (Ret) and New Fortress Chairman and CEO Wes Edens. Secretary of Energy, Alfonso G. Cusi, who is also the ex-officio Chairman of the Board of PNOC, was also present to extend the Department of Energy’s support to the cooperation.
“We are confident that, with this cooperation with New Fortress Energy, PNOC will find meaningful ways to contribute to achieving energy security and stability in the country,” said Admiral Lista. “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.”
State-run PNOC was already in the process of competitive selection for a partner for a LNG Terminal Project when it was shelved in December 2018 in light of increased private sector interest to undertake, on its own, the entire project. The decision was intended to demonstrate the government’s policy to encourage private capital investment without prejudice to PNOC’s assumed role as the catalyst to develop and establish a growing value chain for the LNG in the country.
Source: Company Press Release