October 7, 2020
First Gen signed a joint cooperation agreement with Tokyo Gas Co. Ltd Wednesday for the development of the Batangas interim offshore liquified natural gas terminal, the company told the Philippine Stock Exchange (PSE).
''This represents the next phase of their joint development of FGEN LNG Corp.'s interim offshore LNG Terminal located at First Gen's Clean Energy Complex in Batangas City,'' First Gen said its disclosure.
Under the agreement, Tokyo Gas will have a 20 percent participating interest in the interim offshore LNG terminal project.
Tokyo Gas will provide support in development, construction, operations and maintenance work to achieve a final investment decision. Upon reaching this phase, First Gen and Tokyo Gas will enter into a definitive agreement in respect to the project, the disclosure said.
''The parties will now transition from the development phase under the joint development agreement which initially governed First Gas and Tokyo Gas' relationship since December 5, 2018,'' added First Gen.
Once completed, the project will allow FGEN LNG's ability to introduce LNG into the Philippines, First Gen said.
FGEN LNG is a wholly owned subsidiary of First Gen, the leading gas power generation company in the Philippines with about 2,000 megawatt operating gas assets.
Tokyo Gas is a leading LNG player with more than 130 years of experience and over 50 years of experience in the LNG business. DMS
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