BILL PROMOTING DEVELOPMENT OF NATURAL GAS INDUSTRY SIGNED INTO LAW


President Marcos Jr. has signed into law a measure establishing a framework for the development of the country’s natural gas industry (Photo courtesy of Philippine News Agency)
President Ferdinand ''Bongbong'' Marcos Jr. has signed into law the measure promoting the development of the Philippine Natural Gas Industry.
Republic Act No. 12120 or the Philippine Natural Gas Industry Development Act will promote natural gas as a safe, efficient, and cost-effective source of energy and an indispensable contributor to energy security by establishing the Philippine Downstream Natural Gas Industry for the benefit of all segments of the nation's populations.
The newly signed law aims to develop natural gas as a reliable fuel for power plants, which will later help ensure the country's energy security. This will also promote the conversion of the existing fossil-fuel operated equipment and facilities to natural gas use; provided, that the conversion is technically and financially feasible.
The Department of Energy (DOE) will oversee the implementation to evaluate, approve, and issue permits necessary for the siting, construction, operation and maintenance, expansion, modification, rehabilitation, decommissioning, and abandonment of any PDNGI facility or activity.
DOE shall also be the lead agency to determine the need for and regulate the development of aggregation in the country. Aggregation is defined as the procurement of indigenous natural gas, combining it with imported LNG, and selling the aggregated gas to gas buyers in the Philippines or abroad.
The new law is also seen to help the Philippines meet the increasing local demand for fuel, and develop the country as a Liquefied Natural Gas (LNG) trading and transshipment hub within the Asia-Pacific Region.
The law indicated that regulations shall be consistent with applicable Philippine and internationally accepted natural gas industry standards. It will also facilitate the development of power and non-power end-uses of natural gas, which includes commercial, industrial, residential, and transport applications that promote fuel diversity.
The enactment of this law underscores the government’s commitment to diversifying the country’s energy sources and promoting sustainable economic growth.
Source: Philippine Daily Inquirer
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