Amec Foster Wheeler has won contract in the Philippines, which will ultimately supply power to more than six million people.
China has issued a policy paper calling the South China Sea islands its territory as it blamed the Philippines for stirring trouble, a day after an international tribunal ruled that Beijing had no legal basis for its expansive claims.
An arbitration court today ruled the China has no historic rights to the resources in the hotly contested South China Sea.
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.
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.