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Philippines' First Gen starts work on LNG terminal JV project with Tokyo Gas

Published 05/28/2019, 01:26 PM
Updated 05/28/2019, 01:30 PM
Philippines' First Gen starts work on LNG terminal JV project with Tokyo Gas

MANILA, May 28 (Reuters) -
* First Gen Corp FGEN.PS , a Philippines-based clean energy
producer, said on Tuesday it has completed "significant
pre-development work" for its planned liquefied natural gas
(LNG) terminal, which is a joint venture project with Tokyo Gas
Co Ltd 9531.T .
* First Gen, which operates four power plants with a
combined
capacity of 2,000 megawatts relying completely on natural gas
from the country's Malampaya gas field, also held a
ground-breaking ceremony for the project.
* The company plans to ensure availability of imported gas
for its
power plants ahead of an expected depletion in Malampaya's gas
reserves by 2024.
* First Gen said its LNG site near its power plants in
Batangas
province is now "construction-ready" and a final investment
decision may be made by late 2019 or early 2020.
* First Gen's LNG project is one of the three in the
pipeline in
the Philippines.
* Australia-listed Energy World Corp's EWC.AX LNG hub
project in
Pagbilao province is now almost complete, its Managing Director
and Chief Executive Stewart Elliott told Reuters last week.
* Phoenix Petroleum Philippines Inc PNX.PS and Chinese
partner
CNOOC Gas and Power signed a deal in March adding state-owned
Philippine National Oil Company to their planned $2 billion LNG
hub project also in Batangas.

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