MANILA, Philippines - Publicly-listed Abacus Consolidated Resources and Holdings Inc. has expressed interest in building the 100-kilometer Batangas-Manila (Batman 1) gas pipeline.
In a disclosure to the Philippine Stock Exchange, Abacus said it will submit an unsolicited proposal to PNOC- Exploration Corp. for the Batman natural gas pipeline project.
The company has designated Leonardo Gayao as official representative and signatory for the proposal.
Abacus was incorporated in 1981 as Piedra Negra Mining Corp., a coal mining company, and publicly listed its shares on Oct. 28, 1987.
A group of businessmen led by Hermilando Mandanas bought out the original majority stockholders in 1989, converted the company into a holding company, and gave it its present name.
Abacus expanded into the leasing of gaming equipment and formed Pacific Online Systems Corp. together with two other partners in 1993. On June 26, 2005, Abacus completed the acquisition of its real estate and financial services businesses through the acquisition of Philippine Regional Investment Development Corp. via a stock swap.
PNOC-Exploration Corp. earlier signed a draft memorandum of agreement between the company and its parent Philippine National Oil Co. for downstream natural gas development projects, which is still under review by its legal department.
PNOC owns the Batman 1 and Batman 2 (Bataan-Manila) gas pipeline projects, assigning the implementation of the projects to PNOC-EC. The Batman 1 pipeline covers 100 kilometers while Batman 2 covers 140 kilometers.
Earlier, PNOC-EC said it is eyeing to bid for the 300-megawatt excess capacity from the Malampaya deep water gas-to-power project to support the company’s gas pipeline projects.
PNOC-EC chairman Jacinto Paras said they are bidding for the natural gas supply to enable them to push through with its Batman gas pipeline project.
According to Paras, the gas supply will also justify the setting up of an anchor load (power plant) which, in turn, will warrant the construction of the pipeline.
“The pipeline project will not push through without the gas supply,” the PNOC-EC official said.
Early this year, PNOC-EC said it would be preparing for the conduct of a feasibility study for the construction of a new power plant that will serve as an anchor load for the Batman 1 and Batman 2 gas pipelines.
PNOC-EC is considering various sites such as Batangas, Laguna or Cavite to construct the new power natural gas facility.