To my knowledge, the first mention of the Philippines project was in the 2006-07 Annual report. The Philippines project (to my knowledge) was not initiated through EWI and I am pretty sure it was never "transitioned" from EWI to EWC - nothing ever has been.
The problem with the press coverage coming out of Jamaica (and Sri Lanka) is that they are as confused as we are sometimes as to the role and inter-relatiopnship between EWI and EWC. EWC have nothing to do with the Jamaican project at this stage, yet the press over there refer to EWI and EWC almost interchangeably, cite content directly from the EWC web site, publish photos from it and, even worse, refer to the Sengkang gas as if EWI owns it and has the right to use it. No wonder there is still so much scepticism.
PLEASE get Sengkang commercialised before the end of CY2014!! PLEASE expand Sengkang every 3 months like you say you can. PLEASE send some gas to the Philippines, via Pagbilao, by end CY2014. PLEASE do a HK listing by end CY 2014. PLEASE sell some Sengkang gas to Tokyo Gas by end CY2015. PLEASE pay dividends by end FY2015-16.
Based on the Philippines timelines, it could take 8-10 years before EWI can be seen to have successfully handed over something like Jamaica or Sri Lanka to EWC and for it to be fully operational. IF EWI ever transition anything to EWC, then one would almost have to think that that is the final nail in the naysayers coffins. If so, it will have taken them close to 15 years to do it, from when they first announced that possibility in an annual report. I hope I am alive in 2020 to see it, but even more, I hope that I am so wrong that we see it by 2015-16 with Jamaica.
EWC Price at posting:
47.0¢ Sentiment: Hold Disclosure: Held