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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.

© Reuters.

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

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