Trans-Asia Petroleum Corp. (TAPET) announced on Tuesday during its annual shareholders’ meeting that it is seeking to expand its operations to include the midstream sector.
TAPET is currently conducting a pre-feasibility study for the construction of a liquefied natural gas (LNG) import terminal at a prospective site in Sual, Pangasinan. The facility is intended to supply gas for power generation as well as for industrial, commercial, and transport applications.
TAPET President and Chief Executive Officer Francisco Viray, who is also the President and CEO of parent company Trans-Asia Oil and Energy Development Corp., said that the capacity of the proposed LNG import terminal is 5 million tons per annum (MTPA) enough power to up 500 megawatts (MW).
“As of now, we’re doing the project at 100 percent development, but we could look for foreign partners although nothing is firm yet,” Viray said.
He also said that if there is the energy mix in place under the new administration, the facility can be completed as soon as early 2018, and Trans-Asia will be able to offer baseload and mid-merit power resources.
“It doesn’t need to be fixed [the energy fuel mix], a ballpark figure only, then they will implement it. Also it doesn’t need to stop the other types of fuels, just draw back a bit.
Then if [the LNG component]is big already, we can do it next year. If there’s a fuel mix, it doesn’t mean it will kill the market, it just means everyone will have to queue up,” he explained.
Viray also said that the pre-feasibility study would be finished by middle of this year.
TAPET Executive Vice President Raymund Reyes Jr. added the project cost is estimated at $500 million including the power plant.
“While the company will maintain its interest in local petroleum service contracts, it is also actively seeking upstream investment opportunities in the region, in particular those that involve petroleum assets with existing production or are in the development stage,” Reyes said.