Tokyo Gas Acquires 20% Stake in Philippines LNG Terminal
(P&GJ) — Tokyo Gas Co., Ltd. has acquired a 20% stake in FGEN LNG Corporation, the owner and operator of an offshore floating LNG terminal in Batangas City, Philippines.
The terminal is the first in the country to receive a Permit to Operate and Maintain for an LNG facility. This marks Tokyo Gas' first investment in a commercially operational overseas LNG terminal project.
Tokyo Gas first partnered with First Gen Corporation, FGEN LNG’s parent company, in 2018 through a Joint Development Agreement, followed by a Joint Cooperation Agreement in 2020. These agreements facilitated the terminal’s development and construction.
Leveraging its experience in LNG terminal operations in Japan, Tokyo Gas will support the facility’s operations and maintenance. The Philippines anticipates rising electricity demand due to economic growth and population increases. The Department of Energy has outlined plans to expand LNG imports to ensure a stable power supply and facilitate a transition to a low-carbon economy.
“This investment allows us to support the expansion of natural gas utilization and contribute to the establishment of an LNG value chain in the Philippines,” Tokyo Gas stated.
Under its "Compass 2030" management vision, Tokyo Gas aims to expand its LNG infrastructure business across Asia, supporting regional development and decarbonization efforts.
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