First Gen grants LNG supply deal to CNOOC

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3 months ago

FIRST Gen Corp. (FGEN) has awarded a contract to CNOOC Gas and Power Trading & Marketing Limited for the supply of liquefied natural gas (LNG) following a successful international tender.

The Lopez-led firm on Monday said that 130,000 cubic meters of LNG would be delivered next month to unit First Gen Singapore Pte. Ltd.

This shipment will be unloaded at the BW Batangas Floating Storage Regasification Unit (FSGU) that is moored at the First Gen Clean Energy Complex (FGCEC) in Batangas City.

The LNG will be utilized by FGEN's gas-fired power plants, also located at the FGCEC.

FGEN subsidiary FGEN LNG Corp. constructed the interim offshore LNG terminal project and acquired a five-year charter for LNG storage and regasification.

This terminal is expected to play a crucial role in ensuring the energy security of the Luzon Grid and the Philippines.

FGEN's share price dropped by 14 centavos to close at P19.38 each on Monday.

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Manila Times

Topics:

First

Gen

grants

LNG

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