Japan firms eye energy investments
manila Bulletin
May 26, 2006
Despite some hurdles, Energy Secretary Raphael P.M. Lotilla gave indications that Japanese firms are still keen on pouring in fresh capital in the country’s energy sector.
In a recent roadshow undertaken by Philippine government in Tokyo, the energy chief stressed that the response they have gotten was that various Japanese trading houses and companies "have signified interest to invest in the Philippine energy sector."
Accompanying Lotilla in the energy investment mission were Philippine National Oil Company president Eduardo Mañalac and National Power Corporation president Cyril C. del Callar.
"We are optimistic that these companies will seriously consider the Philippines as alternative area for investments now that we are seriously concentrating on reforming our economy," Lotilla said.
Japanese companies that met with the energy officials include Marubeni Corporation, Itochu, Mitsubishi Corporation, Sumitomo and Toyota/Tsoshu.
Lotilla chiefly noted that the high prices of oil "have prompted renewed interest from Japanese corporations to pursue investment opportunities in oil and gas in Asia, particularly in the Philippines."
Key in these investment opportunities being scoured are on the competitive petroleum contracting rounds set out by the Department of Energy.
Apart from Japanese trading firms, Japanese banks also participated in the small-group discussions to see how they can provide financial support for these Japanese companies who are interested to invest in the Philippines.
"Optimism regarding Japanese investments stems from the Philippines advantage of geographical proximity to Japan, unhampered access to international sea routes to and from the Philippines, as well as strong relations between the two countries," the energy department averred.
In line with such investment targets, the Japanese are said to be eyeing joint ventures with private companies or the PNOC for existing oil and gas concessions in the Philippines.
"Investments from Japan will certainly contribute to the acceleration of our energy independence agenda," the energy czar stressed.
The Philippines boasts of having high hydrocarbon potential; but needs huge investments to prove commercial viability of such potential reserves.
Among the considered high-frontier areas are Northwest and Southwest Palawan ; along with those in East Palawan, Sulu Sea; which are surrounded by similar oil and gas geology of proven petroleum provinces in Malaysia, Brunei and Indonesia.
Reed Bank in West Palawan is also seen analogous to some Vietnam and South China oil structures likewise near proven petroleum provinces.
The anticipated passage of the Biofuels Bill is also shoring up interests, as Lotilla emphasized the availability of ethanol and bio-diesel in the Philippines for fuel that can be exported to Japan.
"With the increasing prices of oil in the world market, Japan is expanding the use of biofuels and are now looking at diversifying its sources all over the world and the Philippines is one area that they are currently looking at in Asia," Lotilla added.
At least two Japanese companies confirmed that they were looking at the coco methyl ester (CME) plants in the Philippines as possible sources of biodiesel for Japan
May 26, 2006
Despite some hurdles, Energy Secretary Raphael P.M. Lotilla gave indications that Japanese firms are still keen on pouring in fresh capital in the country’s energy sector.
In a recent roadshow undertaken by Philippine government in Tokyo, the energy chief stressed that the response they have gotten was that various Japanese trading houses and companies "have signified interest to invest in the Philippine energy sector."
Accompanying Lotilla in the energy investment mission were Philippine National Oil Company president Eduardo Mañalac and National Power Corporation president Cyril C. del Callar.
"We are optimistic that these companies will seriously consider the Philippines as alternative area for investments now that we are seriously concentrating on reforming our economy," Lotilla said.
Japanese companies that met with the energy officials include Marubeni Corporation, Itochu, Mitsubishi Corporation, Sumitomo and Toyota/Tsoshu.
Lotilla chiefly noted that the high prices of oil "have prompted renewed interest from Japanese corporations to pursue investment opportunities in oil and gas in Asia, particularly in the Philippines."
Key in these investment opportunities being scoured are on the competitive petroleum contracting rounds set out by the Department of Energy.
Apart from Japanese trading firms, Japanese banks also participated in the small-group discussions to see how they can provide financial support for these Japanese companies who are interested to invest in the Philippines.
"Optimism regarding Japanese investments stems from the Philippines advantage of geographical proximity to Japan, unhampered access to international sea routes to and from the Philippines, as well as strong relations between the two countries," the energy department averred.
In line with such investment targets, the Japanese are said to be eyeing joint ventures with private companies or the PNOC for existing oil and gas concessions in the Philippines.
"Investments from Japan will certainly contribute to the acceleration of our energy independence agenda," the energy czar stressed.
The Philippines boasts of having high hydrocarbon potential; but needs huge investments to prove commercial viability of such potential reserves.
Among the considered high-frontier areas are Northwest and Southwest Palawan ; along with those in East Palawan, Sulu Sea; which are surrounded by similar oil and gas geology of proven petroleum provinces in Malaysia, Brunei and Indonesia.
Reed Bank in West Palawan is also seen analogous to some Vietnam and South China oil structures likewise near proven petroleum provinces.
The anticipated passage of the Biofuels Bill is also shoring up interests, as Lotilla emphasized the availability of ethanol and bio-diesel in the Philippines for fuel that can be exported to Japan.
"With the increasing prices of oil in the world market, Japan is expanding the use of biofuels and are now looking at diversifying its sources all over the world and the Philippines is one area that they are currently looking at in Asia," Lotilla added.
At least two Japanese companies confirmed that they were looking at the coco methyl ester (CME) plants in the Philippines as possible sources of biodiesel for Japan
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