Philippines' First Gen executes 5-year LNG charter deal

Bw Offshore

05/04/2021 02:44

MANILA, April 5 (Reuters) - 
    * Philippine power producer First Gen Corp  FGEN.PS  said on
Monday it has executed a five-year deal with BW FSRU IV Pte Ltd,
a wholly-owned subsidiary of BW Gas Limited, for the charter of
a Floating Storage Regasification Unit (FSRU) to be used for its
offshore LNG import terminal project
    * The project will allow First Gen to introduce LNG to the
Philippines by the third quarter of 2022 and serve the natural
gas requirements of existing and future gas-fired power plants
in the country
    * First Gen's LNG terminal to be constructed in Batangas
province,
near its gas-fired power plants, is among five such projects
that received permission from the Department of Energy
 urn:newsml:reuters.com:*:nL3N2GI0EF urn:newsml:reuters.com:*:nL1N2L606Y
    * The Southeast Asian country will need to import LNG as its
Malampaya gas field in western Philippine waters is expected to
run dry by 2027, based on the government's latest projection
    * The FSRU to be provided has a storage capacity of 162,400
m3
(cubic metres) and a nominal and peak gas send-out capacity of
500 MMscfd (million standard cubic feet per day) and 750 MMscfd,
respectively, exceeding Malampaya's production capability, First
Gen said in a statement (https://bit.ly/3fGCTc9)


 (Reporting by Enrico Dela Cruz; Editing by Martin Petty)
 ((enrico.delacruz@tr.com))