THE Philippines may be forced to rely on volatile spot market prices as long-term liquefied natural gas contracts with shipments before 2026 are reportedly sold out globally, the Institute for Energy Economics and Financial Analysis said on Thursday.
Policy responses may limit the role of LNG for countries like the Philippines, which favors renewables over natural gas, said the global research institute that examines issues related to energy markets, trends, and policies. Rino E. Abad, director of the DoE’s Oil Industry Management Bureau, told reporters at an energy conference last week that proponents of LNG terminals should secure LNG contracts as soon as possible.
Linseed Field Power Corp., a unit of Atlantic Gulf & Pacific Co., said that it had completed the conversion of a vessel into a floating storage unit for gas. The company is expected to start taking delivery of gas by March.