However, EC does not plan to go it alone and is considering allowing private sector groups to invest in the project's assets. The company is currently having talks with First Gas Power Corp, Petronas, Korea Gas Corp and Tract Tebel.
EC president Rufino Bomasang explained that the company was still reviewing this possibility and that it is "studying if this recommendation is viable" with its financial advisor ABN-Amro.
The company intends to raise 80% of the project cost with the partners to shoulder the remaining 20% and Bomasang believes that a concrete financial structure maximising private sector participation could be in place by the end of the year.
Other works in the pipeline include the Batman II gas pipeline from Bataan to Manila, the Batcave pipeline from Batangas to Cavite and the conversion of the 300 MW Sucat I and 600 MW Limay diesel power plants into gas-powered facilities. These projects have attracted the interests of Japan Gas Corp, BP Plc, Korean Electric Power Co, Mashhor, Chevron Texaco and Shell Philippines Exploration BV.
