FIRST Gen Corp. has awarded a contract to TotalEnergies Gas & Power Asia Pte. Ltd. (TEGPA), a United Kingdom-based company, for the supply of liquefied natural gas (LNG) cargo to one of its subsidiaries, the company said on Thursday.
In a stock exchange disclosure, First Gen said that TEGPA would supply one LNG cargo of approximately 154,500 cubic meters with delivery scheduled for February next year to First Gen Singapore Pte. Ltd.
The LNG cargo to be provided by TEGPA will be delivered by an LNG carrier, which will unload the cargo into the storage tanks of the BW Batangas floating regasification storage unit (FSRU).
The BW Batangas serves as the FSRU for First Gen’s unit FGEN LNG Corp. and BW LNG, its Norwegian partner. The vessel will offer LNG storage and regasification services to First Gen’s existing and planned gas-fired power plants, as well as third-party terminal users.
The supply will be used by First Gen’s existing gas-fired power plants located at the First Gen Clean Energy Complex in Batangas City.
FGEN LNG has constructed its Interim Offshore LNG Terminal Project and executed a five-year Time Charter Party for the charter of the BW Batangas.
In September, First Gen stated that the LNG terminal is already in the commissioning process.
“The FGEN LNG Terminal will accelerate the ability to introduce LNG to the Philippines, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN’s affiliates,” the company said.
At the local bourse on Thursday, shares of the company slid by P0.38 or 2.17% to close at P17.12 apiece. — Sheldeen Joy Talavera
