Tycoons partner for landmark energy deal

Tycoons Manuel V. Pangilinan, Ramon S. Ang and Sabin M. Aboitiz have partnered for a landmark power deal that would expand the country’s liquefied natural gas LNG) capacity, with the overall aim of improving the Philippines’ energy security.

- IRIS GONZALES

Under an unprecedented power arrangement signed Friday night, the Pangilinan-led Manila Electric Co.'s MGen, together with the Aboitiz Group, is buying into San Miguel Corp.'s LNG entities in Batangas, including the 1,200-megawatt Ilijan natural gas power plant.

MGen and Aboitiz Power Corp. are acquiring a 67-percent stake in SMC Global Power's Ilijan Power Plant in Batangas, with SMC retaining 33 percent, industry sources told The STAR.

Sought for comment, Ang emphasized that it is a good move for the three of them to cooperate as their partnership would build more power plants that could help secure the country's energy needs.

"It's a good joint venture or cooperation agreement, wherein we can provide stable power supply and, hopefully, bring down power prices,'" he said.