Philippines:

Aboitiz Power Eyes Renewal of Chevron Geothermal Deal (ABS-CBN)

Aboitiz Power Corp. is hoping to renew its steam sales agreement with global energy giant Chevron for its 289 MWe Tiwi plants in Albay and the 458 MWe MakBan facilities in Laguna and Batangas.

Chevron Geothermal Philippines Holdings Inc., a wholly-owned subsidiary of American firm Chevron, operates the geothermal production field that supplies the steam requirement of the Tiwi-MakBan facilities.

Aboitiz Power’s existing agreement with Chevron will expire in May 2013.

The company is hopeful that with the potential investment of the SM Group into Chevron, negotiations would gather pace. The Sy family has taken a 60-percent interest in Philippine Geothermal Power Production Co. Inc., a joint venture with Chevron.

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