The Philippines energy group First Gen Corporation has set aside US$300m of its 2020-2021 investment budget for its LNG import terminal project in the Philippines. The initial phase of the LNG terminal project will consist in a floating storage and regasification unit (FSRU), which is slated to come on stream by 2022.
In March 2019, First Gen and the Japanese utility Tokyo Gas secured a notice to proceed (NTP) for the construction and operation of a new 5 Mt/year (6.75 bcm/year) LNG import and regasification terminal south of Manila (Philippines). The two companies will develop the project to meet the gas needs of existing and future gas-fired power plants in Batangas province, as domestic supply from the Malampaya field in northern Palawan will cease its output by 2024.
First Gen will also invest in extending the lifetime of its power plants, namely the 1,000 MW Santa Rita, 500 MW San Lorenzo, 414 MW San Gabriel and 97 MW Avion CCGT power plants.
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