Tuesday, September 6, 2016

Philippines: Ayala Corp, Energy Development Corp and Aboitiz Equity Ventures are Eyeing the Geothermal Assets

Three local groups eyeing Chevron assets in Philippines (The Nation)

At least three local conglomerates are looking at buying the domestic geothermal assets of American energy giant Chevron, which is seen unloading its Philippine and Indonesian geothermal units to focus on its core oil and gas businesses.

Ayala Corp, Lopez-led Energy Development Corp and Aboitiz Equity Ventures are studying the assets.

Chevron has a 40-per-cent interest in Philippine Geothermal Production Co (PGPC), which develops and produces steam energy for the third-party owned and operated Tiwi and Mak-Ban geothermal power plants in southern Luzon with combined generating capacity of 692 megawatts. The remaining 60-per-cent stake in PGPC is held by the Sy family of the SM group. 

Chevron also has an interest in the Kalinga geothermal prospect area in northern Luzon.