Following this development, Department of Trade and Industry Secretary Ramon Lopez said Indonesia’s second biggest oil producer is already the third foreign partner in Southeast Asian, which chose the Dennis Uy-led company for its regasification project due to the country’s economic stability, among other factors.

“PT Pertamina expressed its confidence in the country’s economic stability and business environment,” Lopez said, adding that the country is open for LNG investors.

Pertamina corporate marketing director Basuki Trikora Outra also expressed the petroleum firm’s willingness to offer its integrated LNG solutions through either floating storage and regasification unit (FSRU) or land-based LNG regasification plant and LNG supply investment after Lopez and Pertamina officials met early this year.

Long-time LNG player

“Having a long experience as one of the world’s leading LNG global players, we would like to share the same experience in the Philippines. We are really keen to invest in the Philippines,” Putra said.

On the other hand, Phoenix Petroleum senior vice president for external affairs Raymond Zorrilla said the partnership entails supply sourcing or fuel procurement of the Filipino firm from its Indonesian counterpart. “There’s no volume provided yet as to the scale of off-take agreed upon by the parties.”

Earlier, the Indonesian firm eyed the Philippines for a US$1 billion development of liquefied natural gas (LNG) regasification.

PT Pertamina already has six refineries with a combined production capacity of one million barrels of oil per day

In 2017, it expanded its clout in the energy industry as a world-class national energy company through acquisition of French oil and gas company Maurel et Prom (M&P).

Through a subsidiary, PT Pertamina International EP, Pertamina became the majority shareholder of M&P with 72.65 percent of shares last February 2017.

Through its majority shareholding in M&P, Pertamina became strong in 12 countries, and by 2025, Pertamina targeted to produce 650,000 barrels of oil equivalent (boe) per day from its international operations, as part of its production target of 1.9 million boe/day by year 2025.

Meanwhile, Lopez said the government aims to accelerate investments in the areas of manufacturing, transport, energy, technology and infrastructure to strengthen its development on industry and service sectors.

After the Department of Trade and Industry, PT Pertamina is expected to also meet with officials of the Board of Investments, Department of Energy and Energy Regulatory Commission to get an insight on the country’s plans and policies on energy and investment.

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This story originally appeared on tribune.net.ph