PHINMA Energy to enter downstream oil sector
CONGLOMERATE Phinma Corp. said its unit PHINMA Energy would be venturing into the downstream oil industry.
PHINMA Energy’s entry into the downstream sector could potentially help cater “to the fuel requirements of its own diesel plants,” the parent company told the local bourse on Monday.
The listed holding firm noted PHINMA Energy would remain on the lookout for “greater participation in the retail electricity market using its existing portfolio of generating plants.”
PHINMA Energy will continue to “develop additional conventional and renewable energy projects as market and regulatory conditions merit” amid its target to be the “preferred electricity supplier of choice” in the country.
“Moving forward, Phinma Energy recognizes the need to diversify its generating portfolio, particularly in light of an oversupply in baseload coal plants foreseen over the next several years,” it said.
In October last year, Phinma Energy revealed plans to explore opportunities and expand its portfolio with gas and hydropower projects.
PHINMA President and Chief Executive Officer Francisco Viray told reporters the company was mulling putting up four power plants–three gas-fired and one hydroelectric–with a total capacity of 925.6 megawatts.
These projects are the 383-MW Sta. Ana CCGT power plant in Cagayan, the 383-MW Sual CCGT floating power plant in Pangasinan; the 138-MW Argao floating CCGT power plant in Cebu, and the 21.6-MW Ilog hydroelectric power plant in Negros Oriental.
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