The Korean Electric Power Co has received agreement in principle to funding for a natural-gas fired project in the Philippines from the US Export-Import Bank and the Korea Eximbank. The two banks, with other commercial banks, will provide 80 per cent of the estimated $580 million cost of the project.

The 1200 MWe station is one of several that will burn gas from the Camago-Malampaya gas field, the Philippines largest discovery, being developed by Shell Exploration Philippines and Occidental Petroleum Corp.