Vitol Asia and LNGPH have signed a long-term LNG sale and purchase agreement in the Philippines.
Under the deal, Vitol will supply up to 800,000 tonnes per annum (tpa) of LNG for a period of ten years, starting in 2025.
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The LNG will be sourced from Vitol’s global portfolio and delivered to the LNGPH Terminal in Batangas.
This agreement aims to address the Philippines’ growing energy needs and enhance the reliability and stability of the country’s energy supply.
Vitol executive committee member and LNG head Pablo Galante Escobar said: “We are pleased to build on the existing relationship between Vitol and SPPC/EERI and to conclude this long-term LNG supply deal together.
“The Philippines is a growing LNG market, and we are excited to bring LNG supply from our global LNG portfolio to meet this rising LNG demand in the country, thereby contributing to the transition to gas from other more carbon-intense energy sources.”
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By GlobalDataLNGPH is an entity that combines the integrated power facilities operated by South Premiere Power (SPPC), Excellent Energy Resources (EERI) and Linseed Field Power.
It is part of a partnership between Meralco PowerGen, AboitizPower and San Miguel Global Power.
This collaboration aims to support at least 18% of Luzon’s power needs, enhancing energy security and promoting cleaner energy sources.
EERI and SPPC president and CEO Yari A. Miralao said: “It is a significant step towards meeting the country’s growing energy demands while ensuring a sustainable and stable energy future.
“We look forward to building on this relationship as we continue to support the Philippines’ energy transition and infrastructure development.”
In a similar development, GeoPark signed an offtake and prepayment agreement with Vitol in May last year.
The deal covers the sale and delivery of at least 20,000 barrels of oil per day from the Llanos 34 block in Colombia.
