Regional LNG: Tokyo Gas buys First Gen LNG stake
Monday, May 27 2024 - 05:35 AM WIB
By Romel S. Gurky
Japanese firm Tokyo Gas has signed an agreement to acquire 20 percent shares of the Philippines LNG receiving terminal firm First Gen LNG Holdings Corp. (FGEN LNG), a wholly owned subsidiary of the Philippines firm First Gen Corp.
First Gen is one of the leading gas power firms in the Philippines with operating gas assets of around 2,000 megawatts whilst Tokyo Gas is one of the largest LNG purchasers globally with an annual volume of 13 million tonnes per annum.
Read also: Regional LNG: First Gen awards LNG supply contract to CNOOC
FGEN LNG has constructed its interim offshore LNG terminal project and executed a five-year time charter party for the charter of the BW Batangas, which will provide LNG storage and regasification services as part of the project.
Last month, FGEN LNG awarded the contract for the second shipment of the company’s LNG supply requirement to CNOOC Gas and Power Trading & Marketing Limited (CNOOC).
The LNG cargo to be provided by CNOOC will be delivered by an LNG carrier which will be unloaded into storage tanks of the BW Batangas FSRU that is currently berthed at the First Gen Clean Energy Complex (FGCEC) in Batangas City. The LNG will be utilized by FGEN’s existing gas-fired power plants also located in the FGCEC.
Editing by Alexander Ginting