LOPEZ-LED First Gen Corp. (First Gen) is looking to enhance its collaboration with Japanese liquefied natural gas (LNG) supplier Tokyo Gas Co. by exploring further business opportunities, a top official said.

The Japanese firm last month acquired a 20-percent stake in First Gen subsidiary FGEN LNG Corp., the owner and operator of an offshore terminal project at First Gen's Clean Energy Complex in Batangas City.

"Throughout the construction phase, Tokyo Gas was there also, advancing the acquisition of shares (in FGEN LNG)," First Gen President and COO Francis Giles Puno said during the company's annual stockholders' meeting last Friday.

"[T]his was just really transitioning from essentially a collaboration where they're advancing to becoming officially an equity holder in the First Gen LNG joint venture," he added.

"So, we're hoping to collaborate with them in terms of how we can, in fact, improve our efficiencies, including procurement of gas, because as a gas player from Japan, they're one of the largest and one of the ones with the highest reputation known globally."

First Gen Executive Vice President and Chief Commercial Officer Jonathan Russell described the joint venture as one of Tokyo Gas' successful endeavors and said he believed that the Japanese firm wanted to grow with First Gen as a partner.

"It's part of Tokyo Gas' plan to help decarbonize countries in Southeast Asia," Russell said.

"This is the first successful development for them. I think they're looking at this as a model for their businesses elsewhere, but I think they would be keen to grow with us," he added.

"In order to support the development that Mr. Puno described earlier, we're going to need more terminals of this kind. I think we're very happy to work with Tokyo Gas to develop these kinds of projects in other locations outside of Batangas."

First Gen shares were unchanged at P17.92 apiece on Friday.