Glencore Mulls Integrated LNG Project in Philippines

Mining and trading giant Glencore (GLCNF) is mulling an integrated liquefied natural gas (LNG) import project in the Philippines, a source familiar with the matter said.

The project would be for a Floating Storage Regasification Unit (FSRU) to import gas directly to a power plant in the country.

A commercial agreement has been signed and if pursued, would be financed by several entities, including a Chinese engineering group.

Like its competitors, Glencore has been looking to increase its presence in LNG as the market becomes more liquid and demand from emerging markets grows.

Vitol, Gunvor and Trafigura have however been more active in their pursuit of LNG infrastructure projects than Glencore, particularly in Asia.

Reporting By Julia Payne