MANILA, Philippines - Diversified conglomerate San Miguel Corp. said on Thursday its power arm, San Miguel Energy Corp., is studying investing up to $8 billion to construct liquefied natural gas (LNG) facilities in the country.

San Miguel, already one of the country's biggest power players just 2 years after entering the sector, has previously said it wants its power ventures to eventually make up a quarter of the group's revenues.

The Manila Bulletin newspaper quoted group president Ramon Ang saying the food-to-power firm's planned to build LNG facilities with capacity of 5,000 megawatts, about half of which was to be put up between 2013 to 2015.

"We confirm that San Miguel Energy Corp... contemplates to invest up to $8 billion for the construction of liquefied natural gas facilities and integrated power plant projects," the company said in a statement to the stock exchange.

The company did not indicate the timing of its investment. The paper said Ang wanted to put up the initial 1,200 megawatts on the main Luzon island and another 600 mw in the central Visayas region in 2013, and a separate 600 mw in 2015.

In the first half of 2010, San Miguel's power generation businesses, which have a combined capacity of about 2,000 megawatts, recorded revenues of P24.1 billion, accounting for about 11% of group's bottomline.

The 120-year-old group has added power, mining, oil refinery, telecommunications and infrastructure to its major business lines after dominating the local food and drinks sector for decades. It wants to sell substantial stakes in its food and drinks units to finance more acquisitions in high-growth sectors.