The President of state-owned Philippines National Oil Co. (PNOC) Pedro Aquino said the Southeast Asian country plans to build an LNG (Liquefied natural gas) plant in the Islamic Republic.
Aquino, who was in Tehran for Iran Oil Show 2017, said PNOC has reached an agreement with the National Iranian Oil Company (NIOC) to set up an LNG plant in the country, Shana news agency reported.
Aquino also said that PNOC will purchase 400,000 barrels per day of oil from Iran for a new refinery being built in the Philippines.
The new refinery, expected to be launched in the next three years, will be compatible with a variety of Iran’s light and heavy crude oils. However, if other refineries show readiness, purchases from Iran will take place sooner.
He added that Tehran and Manila also recently signed an agreement whereby PNOC will cooperate with Iran to develop phase 3 of Dorkhovin and Pazanan oilfields in Iran.
(Source: Tasnim, under Creative Commons licence)