EconomyEditor's PickVires Energy’s LNG project seen operational by 2026

September 4, 2022

VIRES Energy Corp., a subsidiary of A Brown Co., said that its 450-megawatt floating liquefied natural gas (LNG) power plant in Batangas is expected to begin operations by mid-2026.

“Vires Energy is currently seeking baseload power off-take agreements and is in a position to be in commercial operations by mid-2026,” Allan Ace R. Magdaluyo, senior finance manager and compliance officer of A Brown, said via an e-mail on Aug. 31.

Mr. Magdaluyo said that the onshore facilities and floating power barge for the LNG terminals had been completed.

“The property will be developed to include the power barge mooring area, a jetty, switchyard, onshore facilities, and other balance of plant infrastructure,” he added.

In an earlier e-mail, A Brown Chairman Walter W. Brown said that the company saw LNG as the most viable source of new baseload power as renewable energy capacity is scaled up from solar, wind, batteries, and other new technologies.

According to the Department of Energy’s (DoE) accomplishment report, Vires Energy’s floating storage and regasification unit has a total capacity of three million tons per annum (MTPA) and a total construction cost of P6.15 billion.

The DoE said that it has approved six proposed LNG terminal projects, citing the depletion of the Malampaya gas field as the reason for the approval.

The Energy department noted that the six proposed LNG terminal has a combined capacity of 21.7 MTPA and a total estimated investment of P51.2 billion.

In the second quarter, A Brown’s attributable net income increased more than four times to P232.95 million from P53.89 million in the same period last year. Year to date, the company’s net profit increased by 68.8% to P381.21 million from P225.87 million. — Ashley Erika O. Jose

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