Listed MRC Allied Inc. has entered into a memorandum of understanding (MOU) with a Chinese company that wants to venture into liquefied natural gas (LNG) projects in the Philippines.
In a disclosure, MRC Allied informed the Philippine Stock Exchange on Friday that it has executed an MOU with China Energy Engineering Corp. Ltd (CEEC) to explore the possibility of investing, developing, constructing, and operating LNG projects in the country.
“The potential partnership with Energy China is in line with the current thrust of Management to diversify into the clean and renewable energy [RE] portfolio,” MRC Allied President and Chief Executive Officer Gladys Nalda said.
“Management plans to create a subsidiary that will focus on the development, construction and operation of all its LNG projects,” Nalda added.
She said the deal is part of the company’s aggressive efforts to develop at least 1,000 megawatts (MW) of clean and renewable power in the next five years.
Beijing-based CEEC is engaged in the business of exploration, development, and construction of energy projects.
Last month, MRC Allied announced it would hold talks with XRC Mall Developer, Inc. to install solar panels in community malls around the country.
Originally a property developer, MRC Allied recently diversified into the energy industry through renewable projects.
MRC Allied shares rose 3.03 percent to close at P0.34 on Friday.