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Investors - OCTOBER 16, 2020

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New Fortress Energy and PNOC launch LNG partnership in the Philippines

by Kali Persall

New Fortress Energy Inc. has signed an agreement with the Philippine National Oil Co. (PNOC) to develop power and natural gas infrastructure for the Philippine market.

The groups will together identify potential opportunities to accelerate the development of LNG and power infrastructure in the country and build a new LNG value chain in the Philippines.

“The memorandum will enable cleaner, more affordable and more reliable energy for the people of the Philippines,” said Wes Edens, CEO and chairman of NFE. “Increasing access to power across the islands at a rapid pace will create significant growth opportunities.”

The memorandum of understanding is the result of a competitive selection process launched by PNOC in search of a partner for the LNG Terminal Project. It was put on pause in December 2018 due to increased private-sector interest to undertake the entire project, according to a statement from New Fortress Energy.

“NFE can help us bridge th

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