CNOOC Deploys Team for LNG Deal

By Myrna M. Velasco, Manila Bulletin

The China National Offshore Oil Corp. (CNOOC) has deployed its team in firming up a deal with Filipino firm Phoenix Petroleum Philippines Inc. (PSE: PNX) on the targeted venture of putting up a liquefied natural gas (LNG) terminal in the country.

The CNOOC team in the Philippines, according to sources, comprises of three to four executives including Li XinLi, who is the deputy manager of the Chinese firm’s planning group.

Phoenix Petroleum President and CEO Dennis A. Uy previously confirmed that they are undertaking a “feasibility study” on prospective LNG investments and that is being carried out in partnership with CNOOC.

Since that confirmation three months ago, the CNOOC-Phoenix joint venture reportedly went as far as scouting a site for their planned LNG terminal – one of which is a former site of a refinery in Batangas.

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