TAGUIG CITY, Metro Manila — The Philippine National Oil Company (PNOC) and BERGS Energy Solutions and Technology Corporation (BESTC) signed a Memorandum of Understanding (MOU) on February 10, 2026, to explore a potential partnership for the development of a 3 x 600 MW Natural Gas-Fired Combined Cycle Power Project (CCPP) and a Floating Storage Regasification Unit (FSRU) at the PNOC Industrial Park.

The MOU was signed by PNOC President and CEO Ma. Cristina Sheila C. Cabaraban and BESTC President Bernardo P. Babaran. The project aims to help lower electricity costs, address the country’s growing energy demand, and support the government’s transition toward cleaner and more sustainable energy sources.

Under the agreement, the parties will explore potential partnership under a  public-private partnership framework with PNOC taking a minority stake.  PNOC will grant non-exclusive site access for pre-engineering activities over the target location within the PNOC Industrial Park. Meanwhile, BESTC, which is currently conducting geo-technical and engineering study for the proposed power plant and its corresponding fuel importation and regasification infrastructure; will share the results of such study as well as potential financing options that can be evaluated together with PNOC.

The project will position the PNOC Industrial Park in Mariveles, Bataan as host for a large-scale transition power generation technology.  With this agreement, a window of opportunity for PNOC to not just host, but to participate in an energy project is opened.  PNOC is looking to bring to the table its unique strength as a government enterprise working towards energy security.

Also present at the signing were PNOC Senior Vice President for Energy Business Atty. Graciela M. Barleta, PNOC Senior Vice President for Finance and Administrative Services Atty. Josephine Cassandra J. Cui, Asset Management Department Manager Atty. Efren A. Legaspi, and BESTC officers Mr. Antonio Rivera, Ms. Katrina Borja, and Mr. Joseph Hansel Babaran.