PH is Asia’s unofficial LNG trading hub – Cusi

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The Philippines is the de facto liquefied natural gas (LNG) transshipment for Asia for some time now, even if the preferred transshipment point for the region in Singapore.

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Energy Secretary Alfonso Cusi told reporters that an exporter of LNG has been using the Port of Subic as transshipment point, but declined to name the country of origin citing privileged information.

Energy Secretary Alfonso Cusi is pushing to realize the dream to make the Philippines a liquefied natural gas (LNG) hub in Asia, noting its potential to become one. Pictured here is the Malampaya gas field which is expected to be depleted by 2024. PHOTO FROM SHELL

He pointed out the need to take advantage of the situation to spur economic growth, despite the limits posed by infrastructure, capitalization and technical know-how.

Cusi emphasized the importance of going for the goal of becoming an LNG hub in as it would bring in business, create jobs, and build investor confidence in the Philippines.

In May, a survey by consultancy firm Deloitte showed Singapore was the preferred Asian LNG trading hub.

A poll of energy sector leaders had 80 percent of the respondents tagging Singapore as most likely to become an LNG regional trading hub in the next five to 10 years.

China and Japan were also favored as potential LNG trading centers.

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