By Romel S. Gurky
Tokyo Gas Co., Ltd. announced on Wednesday that it has acquired a 20% stake in FGEN LNG Corporation, the owner and operator of the first offshore floating LNG terminal in the Philippines, located in Batangas City, Southern Luzon.
The terminal, which received the first-ever Permit to Operate and Maintain for an LNG facility in the country, marks Tokyo Gas’ first investment in a commercially operational overseas LNG terminal project.
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Tokyo Gas previously signed a Joint Development Agreement with First Gen Corporation, the parent company of FGEN LNG, in 2018, followed by a Joint Cooperation Agreement in 2020, to support the terminal’s development and construction.
The investment aligns with the Philippines’ growing energy demand, as the country’s Department of Energy plans to increase LNG imports as a transition fuel for a stable power supply and low-carbon energy mix. Tokyo Gas will leverage its expertise in LNG terminal operations to support the facility’s operations and maintenance.
First Gen Corporation, established in 1998 and headquartered in Pasig City, Philippines, is a major developer and operator of natural gas, geothermal, wind, hydro, and solar power plants.
Editing by Alexander Ginting
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