Marubeni, Japan aid body still bullish on PHL

Despite the devastation Japan is suffering from the March 11 earthquake, tsunami and nuclear reactor damage, Japanese investors are turning more bullish toward the Philippines. Marubeni Corp., which operates the Team Energy Philippines, is eager to pursue the expansion of its Pagbilao and Sual coal-fired power plants, Energy Secretary Jose Rene Almendras told reporters over the weekend. "Marubeni insists they are still ok with it," he said. Almendras also said that the Japan International Cooperation Agency (JICA) — the Japanese aid agency — remains relentless in its efforts to fund projects in the Philippines. "I saluted the Japanese that despite what’s happening there, JICA was still willing to push through with our deal. As far as the other Japanese companies are concerned, they are in tune," he said. The Energy chief specifically meant JAICA’s earlier commitment to provide the technical assistance grant for the Energy Department’s master plan for the natural gas industry. "They will conduct the master plan for LNG (liquefied natural gas," Almendras said. Tokyo Electric Power Co. (Tepco), the owner-operator of Japan’s beleaguered Fukushima nuclear power plant and Marubeni’s partner in Team Energy, will likely set aside its plan to provide companies operating in the Philippines with energy industry services, according to the Energy secretary. Tepco may no longer participate in the Philippine government’s ESCO (Energy Service Companies) projects. "The one thing we lost was the possible joint venture with Tepco. We were looking at a possible JV [joint venture] with Tepco for a possible ESCO. That will have to be set aside," he said. ESCO was supposed to develop, install, and arrange project financing for improving the energy efficiency levels and maintenance costs of facilities in the Philippines over a span of seven to 20 years. Tepco is one of the five largest electric power companies in the world. — VS, GMA News