Officials representing Pertamina and DTI at the meeting. Credit: The Philippine Department of Trade and Industry.

Indonesian oil and natural gas company Pertamina is planning to invest $1bn in a regasification hub project in the Philippines, according to the Department of Trade and Industry (DTI).

In a meeting with DTI secretary Ramon Lopez, Pertamina officials expressed interest to participate in the development of liquefied natural gas (LNG) in the country.

Lopez said: “More investors, in different industries like Pertamina, have expressed their confidence in the country’s economic stability and business environment under the Duterte administration. They wish to partner with us in creating a more comfortable life for every Filipino through various opportunities.

“The Philippines is very much open for LNG investors. We will assist and work with them in looking for trusted partners until they begin their operations.”

Pertamina corporate marketing director Basuki Trikora Putra stated that the company is looking to invest in floating storage regasification unit (FSRU) or land-based LNG regasification and to provide LNG supply.

“We will assist and work with them in looking for trusted partners until they begin their operations.”

Putra said: “Having a long experience as one of the world leading LNG global players, we would like to share the same experience in the Philippines. We are really keen to invest in the Philippines.”

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Founded in 1957, Pertamina operates six refineries with a combined production capacity of one million barrels of oil a day.

Pertamina will meet other regulatory agencies to know the government’s plans and policies on energy and investment.

The Philippines intends to import LNG to cater to the demand of gas-fired power plants in Batangas.

The proposed move is mooted to address potential domestic gas supply issues arising out of the expected depletion of Malampaya gas resources from 2024.