FGEN LNG Corporation, a wholly-owned subsidiary of First Gen Corporation, said its Interim Offshore LNG Receiving Terminal is expected to start operations once construction is complete by the first quarter of 2023 among the first such facility.
The company said the project will accelerate the country's LNG production to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates.
FGEN LNG added that the project will also play a critical role in ensuring the energy security of the Luzon grid, especially as the indigenous Malampaya natural gas resource continues to decline.
In April 2021, FGEN LNG and BW LNG executed a 5-year Time Charter Party for "BW Paris."
Vessel up for renaming
However, on Wednesday, the companies said the charter will be renamed "BW Batangas" before its deployment to the First Gen Clean Energy Complex in Batangas City next year.
"We are thankful that BW LNG readily agreed to rename our FSRU as the "BW Batangas" before being deployed in the Philippines.
This change is intended to acknowledge the historical, current, and future support given by the Province of Batangas and by our hosts Batangas City and to underscore our commitment to supporting the energy security of the Philippines," Jonathan Russell, Executive Vice President and Chief Commercial Officer of First Gen, said.
"It is also intended as a tribute to all of our colleagues from Batangas in recognition of all of their dedication and hard work," he added.
The "BW Batangas" will serve to provide LNG storage and regasification services to First Gen's existing and planned gas-fired power plants and other third-party terminal users.
