Energy World Corp Executes Financing Documentation for its Philippines LNG Hub

Australia listed Energy World Corporation (EWC) has executed the financing documentation for its LNG hub terminal in Pagbilao, Philippines, for the amount of Php1.5 billion (approximately $32 million).

The corporate notes facility provides for a tap facility of an additional PHP2 billion (approximately $43 million) for new noteholders in the future, EWC said, adding that Swan Capital Ltd (an Energy World International affiliated entity) has already indicated a willingness to invest a further $15 million. Standard Chartered Bank (SCB), which is the corporate notes facility's issue manager, is working with others noteholders for financing as well, EWC said.

 “This important development represents a further significant milestone in EWC's programme to bring clean and affordable fuel to the Philippines for power generation, industrial users, city gas, road transportation and other uses,” the company stated.

The funds would be utilized for completion of first phase of the LNG hub and associated marine facilities.

First phase of LNG terminal development would involve a 130,000-cubic meter storage tank, regasification facility, jetty, and supporting infrastructure. Phase two will include an additional 130,000-cubic meter LNG storage tank.

Terminal will act as a hub for onward distribution of LNG throughout the Philippines.