Philippines, S Korea Sign 3 Energy Cooperation Pacts
Friday, December 16, 2005
MANILA (Dow Jones)--The Philippines and South Korea signed three agreements Thursday to further develop natural gas and power generation industries in the Southeast Asian country.
Philippine Energy Secretary Raphael Lotilla and South Korea's Minister of Commerce, Industry and Energy Lee Hee-Beom signed the agreements.
The first agreement pledges that Korea Electric Power Corp. (015760.SE), or KEPCO, will expand the capacity of its 1,200-megawatt natural gas-fired power plant south of Manila.
KEPCO had earlier committed to spend around $450 million to raise the capacity of the Ilijan power plant by another 600 MW.
KEPCO also plans to build a 200 MW coal-fired power plant on the central island of Cebu.
Under the second agreement, KEPCO will provide a $15 million grant to assist the Philippine government in providing electricity to around 500 rural districts.
Under the third agreement, Korea Gas Corp. (036460.SE) will share its expertise with the Philippine National Oil Co. (PIL.YY) to develop the Philippines' downstream natural gas industry.
posted by philpower @ 12:33 PM,
