FIRST Gen Corp. said Wednesday that wholly owned subsidiary First Gen LNG Holdings Corp. had signed share agreements with Tokyo Gas Co. Ltd., its partner in the development of its liquefied natural gas import terminal in Batangas.

Tokyo Gas and First Gen LNG signed a shareholders' agreement (SHA) and a share subscription agreement (SSA) under which the former would become a shareholder in FGEN LNG Corp., the owner and operator of the terminal."The execution of [these agreements] represents the next phase of the parties' joint development of the [Batangas] project," First Gen said.Once the necessary government approvals are secured and the agreements take effect, FGEN LNG Holding will have an 80-percent stake in FGEN LNG, with Tokyo Gas holding the remaining 20 percent.In 2018, First Gen and Tokyo Gas signed a deal to construct the offshore terminal in Batangas. Two years later, the Philippines' Department of Energy granted approval for the project to proceed.FGEN LNG is a wholly owned unit of First Gen, one of the country's biggest independent power producers and a leading gas power generation company with about 2,000 megawatts in operating gas assets.Tokyo Gas is a major LNG player and is said to be one of the largest purchasers of LNG in the world, boasting more than 63,000 kilometers of gas pipelines serving about 8.8 million customers.First Gen shares on Wednesday rose 28 centavos, or 1.56 percent, to close at P18.18 apiece. Read The Rest at :