Energy World Corporation Achieves Funds Drawdown for Philippines LNG Hub

Energy World Corporation has achieved drawdown of funds of Php1.5 billion (approximately $32 million) under the financing documentation (Omnibus Loan and Security Agreement) for its LNG hub terminal in Pagbilao, Philippines.

The financing documentation was signed at the end of last month. The corporate notes facility provides for a tap facility of an additional PHP2 billion for new noteholders in the future.

“This important development represents a further significant milestone in EWC's program to bring clean and affordable fuel to the Philippines for power generation, industrial users, city  gas, road transportation and other uses,” the company said.

The funds would be utilized for completion of first phase of the LNG hub and associated marine facilities.

First phase of LNG terminal development would involve a 130,000-cubic meter storage tank, regasification facility, jetty, and supporting infrastructure. Phase two will include an additional 130,000-cubic meter LNG storage tank.

Terminal will act as a hub for onward distribution of LNG throughout the Philippines.