Three Tycoons Seal $3.3 Billion LNG Deal
In what seemed like a plot from a romance novel, three of the country’s tycoons, Manuel V. Pangilinan, Ramon S. Ang, and Sabin M. Aboitiz, have joined forces to launch the Philippines’ first and most extensive integrated LNG facility in Batangas. The deal, valued at $3.3 billion, marks a significant leap forward for the country’s energy future.
The journey towards this landmark deal began with Pangilinan and Ang exploring the idea of collaboration in business, inspired by their successful partnership in forming the Gilas Pilipinas national basketball team. This idea eventually evolved into a partnership outside of their sports ventures, with Aboitiz later joining the alliance.
Despite their powerful reputations and “supercelestial egos,” the three tycoons managed to set aside their differences and work towards a common goal. Through the help of common friends and an experienced dealmaker, they were able to navigate the complexities of the business world and finalize the agreement.
The collaboration between Meralco PowerGen Corp., Aboitiz Power Corp., and SMC Global Power aims to add over 2,500 megawatts of generation capacity, ensuring reliability and cost-efficient power for Filipinos. This partnership sets the stage for future projects among the trio, as they continue to explore opportunities to benefit the country’s energy sector.
Pangilinan, known for his strategic investments and business acumen, hinted at the possibility of more collaborations with Ang, Aboitiz, and other industry leaders. As they move forward with this groundbreaking LNG facility, the three tycoons prove that setting aside rivalry can lead to positive outcomes for the country’s energy landscape.
