MRC, China partner to explore liquefied natural gas projects

As published on PhilippineNewsAgency

MANILA -- A memorandum of understanding (MOU) between publicly-listed firm MRC Allied Inc. and Beijing-based China Energy Engineering Corporation Limited (CEEC) has been signed, confirming both parties’ interest in exploring and developing liquefied natural gas (LNG) projects in the Philippines.

Present during the MOU signing for CEEC were top executives Yang Yisheng and Yu Gang, while Chairman of the Board Carlos Jose P. Gatmaitan and President/CEO Gladys Nalda represented MRC. As disclosed to the Philippine Stock Exchange, the two companies will also explore the possibility of establishing the necessary facilities for LNG operations in the country. "The potential partnership with Energy China is in line with the current thrust of Management to diversify into the clean and renewable energy portfolio and part of our aggressive effort to develop at least 1000 MW of clean and renewable power in the next 5 years," said MRC president and CEO Gladys Nalda. Nalda added that management plans to create a subsidiary that will focus on the development, construction, and operation of all its LNG projects. MRC holds a diversified portfolio in real estate development and mining, and is currently pursuing renewable energy projects.(PNA)