Philippine San Miguel unit seeks $400 mln from banks to build power plant


Philippine conglomerate San Miguel Corp's energy subsidiary is borrowing $400 million from banks to finance the construction of a power plant north of the capital, IFR reported on Wednesday. SMC Global Power Holdings Corp mandated DBS Bank, Mizuho Bank and Standard Chartered for a $400 million, seven-year loan for the construction of a 300-megawatt coal-fired power plant in Bataan province, said IFR, a Thomson Reuters publication.

Oil & Gas

Otto Energy extends Hawkeye contract in Philippines


Otto Energy has been granted an extension by the Philippines Department of Energy (DOE) for drilling of the Hawkeye-1 well in the Palawan Basin. The company said it will continue its farm-out process to secure quality joint ventures to participate in the drilling of the Hawkeye-1 exploration well. It had previously been in a farm-out agreement with BHP Billiton, with the deal ending earlier this year.