Investing.com - Financial Markets Worldwide

Philippines' First Gen to begin LNG terminal construction in April

Published 03/18/2021, 09:50 AM
Updated 03/18/2021, 10:00 AM
© Reuters.
9531
-
FGEN
-

MANILA, March 18 (Reuters) -
* Philippine power producer First Gen Corp FGEN.PS said on
Thursday the construction of its LNG terminal, initially
estimated to cost $274 million, will begin next month
* First Gen's LNG import terminal to be constructed in
Batangas
province, near its gas-fired power plants, is among five such
projects to receive permission from the Department of Energy
* "Commencing the construction of the country's first LNG
terminal
next month...puts the company in a good position for expanding
its gas portfolio especially after the recent DOE coal
moratorium," First Gen President Francis Giles Puno said in a
statement
* The terminal will allow First Gen to ship LNG to the
Philippines
by the third quarter of 2022
* The Southeast Asian country will need to import LNG to
feed
existing power plants with a combined capacity of about 3,200
megawatts as its Malampaya gas field in western Philippine
waters is expected to run dry by 2027, based on the government's
latest projection
* First Gen's partner for the project, which involves using
a
Floating Storage Regasification Unit, is Japan's Tokyo Gas Co
Ltd 9531.T , which will take a 20% participating interest in
the construction and operation of the terminal

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.