Tycoons Team Up in Biggest Philippine Energy Deal Since 2008 - Bloomberg
Tycoons Team Up in Biggest Philippine Energy Deal Since 2008 - Bloomberg
Tycoons Team Up in Biggest Philippine Energy Deal Since 2008
- Manila Electric, San Miguel, Aboitiz in $3.3 billion deal
- LNG imports eyed as main Philippine gas field nears depletion
Three of the Philippines’ most prominent tycoons have joined forces in a $3.3 billion deal that includes the acquisition of a liquefied natural gas facility, in the nation’s biggest energy transaction in more than a decade.
A unit of Manila Electric Co. headed by Manuel Pangilinan said on Sunday that it’s investing in an LNG terminal in Batangas province together with the energy arm of Ramon Ang-led San Miguel Corp. and Aboitiz Power Corp. chaired by Sabin Aboitiz. The terminal, located south of the capital Manila, is owned by Linseed Field Corporation.
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
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