Ramon Ang : Sabin Aboitiz and Manuel Pangilinan Invest In Batangas

Three Philippine Tycoons Form $3.3 Billion Energy Joint Venture : Billionaire Ramon Ang has teamed up with tycoons Sabin Aboitiz and Manuel Pangilinan in a $3.3 billion joint venture to invest in an integrated liquefied natural gas (LNG) facility in Batangas, south of Manila.

Under the deal, San Miguel Global Power Holdings—the energy unit of Ang’s San Miguel Corp—will inject two of its gas-fired power plants with a combined capacity of 2,598 megawatts to the joint venture which includes Aboitiz Power and a unit of Manila Electric Co., which is headed by tycoon Manuel Pangilinan.

The partners are also acquiring the LNG import and regasification terminal built by Linseed Field Corp, part of Atlantic Gulf & Pacific. It will supply the fuel needed by the two power plants, which includes the existing 1,278 megawatt Ilijan power plant in Batangas and a new 1,320 megawatt combined cycle power facility that’s expected to start commercial operations by the end of this year.

“This is a big win for the Philippines and the people,” Sabin Aboitiz, chairman of Aboitiz Power, said in a statement. “Economic development is impossible without energy security, and this investment is a definitive step forward in that direction.”

The Philippines, which aims to reduce greenhouse gas emissions by 70% by 2030, is tapping natural gas and other clean energy sources to help cut the country’s dependence on fossil fuels. In 2022, over 40% of the country’s electricity requirements currently produced by coal-fired power plants, according to Statista.

“For the first time, three leading power companies are working together to secure our country’s energy needs while transitioning towards cleaner power sources,” Ang, chairman and president of San Miguel Power, said in a statement. “This represents a major leap forward for our energy future, ensuring not just reliability but also cost-efficient power for many Filipinos.”

Ramon Ang is one of 2023 Philippines 50 Richest Net Worth. Ramon Ang is the president and vice chairman of San Miguel, one of the oldest conglomerates in the Philippines.

Originally a brewer, San Miguel is now a leader in food and beverages; but the bulk of its revenue comes from power and infrastructure businesses.

San Miguel is proposing to build a $15 billion airport and city complex at a 2,500-hectare location along Manila Bay.

In 2021 the company earmarked $1 billion to build 31 battery energy storage systems in the Philippines with 1,000 megawatts total capacity.

It launched 90-megawatt facilities in Bataan in early 2023. In February 2023, Ang’s Bulacan-based cement maker Eagle Cement delisted following the sale to San Miguel.