Glencore mulls integrated LNG project in Philippines

LONDON, Oct 1 (Reuters) –

* Mining and trading giant Glencore is mulling an integrated liquefied natural gas (LNG) import project in the Philippines, a source familiar with the matter said.

* The project would be for a Floating Storage Regasification Unit (FSRU) to import gas directly to a power plant in the country.

* A commercial agreement has been signed and if pursued, would be financed by several entities, including a Chinese engineering group.

* Like its competitors, Glencore has been looking to increase its presence in LNG as the market becomes more liquid and demand from emerging markets grows.

* Vitol, Gunvor and Trafigura have however been more active in their pursuit of LNG infrastructure projects than Glencore, particularly in Asia.

(Reporting By Julia Payne; Editing by Jan Harvey)