US-based firm to pour in $110M in RP CNG industry
06/19/2008 | 04:20 PM
MANILA, Philippines- A US-based energy firm is going to set up six compressed natural gas refueling stations in Metro Manila, with an initial investment of $110 million.
Callandra CNG Fuels Corp. told reporters on Thursday that the Department of Energy has approved their application to be one of the early players in the Philippines' CNG industry.
CNG is a substitute to regular gasoline or diesel that is considered to be more environment-friendly. It is made by packing methane and other natural gases at high pressure.
Callandra's $110 million investment for the refueling stations will allow them to service up to 5,000 buses a day in the next five to seven years, said Callandra CNG president Randall C. Antonio.
“The target date for commercial operations of our first fueling district coupled with our processing plant is early 2010," Antonio added.
Earlier, the Callandra official said that if this project pushes through, this will be the first investment that the group will pour in the Asian market.
“Our mission is to create a cleaner in-country environment, while promoting the use of
environmentally-friendly and economically cheaper alternative fuel for the challenging and critical Philippine public transportation sector," he said.
Callandra's business partners include Gladstein Neandross & Associates, Baker & McKEnzie, PriceWaterhouseCoopers, Dabing Langdon & Seah, AIG Group of Companies, Black River Capital and CB Richard Ellis. - GMANews.TV
Callandra CNG Fuels Corp. told reporters on Thursday that the Department of Energy has approved their application to be one of the early players in the Philippines' CNG industry.
CNG is a substitute to regular gasoline or diesel that is considered to be more environment-friendly. It is made by packing methane and other natural gases at high pressure.
Callandra's $110 million investment for the refueling stations will allow them to service up to 5,000 buses a day in the next five to seven years, said Callandra CNG president Randall C. Antonio.
“The target date for commercial operations of our first fueling district coupled with our processing plant is early 2010," Antonio added.
Earlier, the Callandra official said that if this project pushes through, this will be the first investment that the group will pour in the Asian market.
“Our mission is to create a cleaner in-country environment, while promoting the use of
environmentally-friendly and economically cheaper alternative fuel for the challenging and critical Philippine public transportation sector," he said.
Callandra's business partners include Gladstein Neandross & Associates, Baker & McKEnzie, PriceWaterhouseCoopers, Dabing Langdon & Seah, AIG Group of Companies, Black River Capital and CB Richard Ellis. - GMANews.TV
