A wholly-owned unit of First Gen Corp. on Friday said it has picked two foreign firms for the final stage of a tender for the supply of a floating storage regasification unit (FSRU) for its liquified natural gas (LNG) import terminal in Batangas.
In a disclosure to the stock exchange, First Gen said FGEN LNG Corp. is set to select BW Gas Limited or Hoegh LNG Asia Pte. Ltd. as its FSRU provider by the end of the month.
Norway-based BW Gas and Hoegh both specialize in the global market of transportation and LNG floating regasification services.
“The Project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as Q3 2022, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” the listed company said.
An FSRU, which typically has a storage capacity of between 125,000 and 170,000 cubic meters, has an onboard regasification plant which can turn LNG back into gas, and supply it directly into the gas network.
In October, FGEN LNG chose McConnell Dowell Philippines, Inc., the local unit of an Australian contractor, for the LNG terminal’s engineering, procurement and construction contract.
At present, First Gen and Japan’s Tokyo Gas Co., Ltd hold a joint cooperation agreement for the design, development, testing, commissioning, construction, ownership, and operations and maintenance of the interim offshore gas project.
Shares of First Gen slipped 4.38% or P1.35 to finish at P29.50 apiece on Friday. — Angelica Y. Yang