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First Gen to begin LNG terminal construction in April

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Reuters

<p>MANILA - Philippine power producer First Gen Corp said on Thursday the construction of its LNG terminal, initially estimated to cost $274 million, will begin next month.</p><p>First Gen&#x27;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.</p><p>&quot;Commencing the construction of the country&#x27;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,&quot; First Gen President Francis Giles Puno said in a statement.</p><p>The terminal will allow First Gen to ship LNG to the Philippines by the third quarter of 2022.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/29/20/kkr-acquiring-stake-in-first-gen">KKR acquiring stake in First Gen</a></li></ul><p>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&#x27;s latest projection.</p><p>First Gen&#x27;s partner for the project, which involves using a Floating Storage Regasification Unit, is Japan&#x27;s Tokyo Gas Co Ltd, which will take a 20 percent participating interest in the construction and operation of the terminal.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/23/20/no-regrets-in-ditching-coal-for-clean-energy-says-first-gen-ceo">&#x27;No regrets&#x27; in ditching coal for clean energy, says First Gen CEO</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/CvoqGmGy9fQ?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>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</p>

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