LNG

The Philippines aims to increase liquefied natural gas import capability through a joint venture formed by three of the largest Filipino power companies to acquire one of the nation’s two operating LNG import facilities as the economy grows.

JERA Co. Inc., the largest Japanese utility and liquefied natural gas importer, has decided to acquire a 27 percent stake in Aboitiz Power Corp. for $1.58 billion to partner with the major utility in the Philippines as the Asian nation builds out LNG and gas-fired power projects.

Oct 12 (LNGJ) - Japanese utility Tokyo Gas is still a big part of the plan by First Gen Corp. of the Philippines to advance with the LNG import terminal project for Batangas City. Tokyo Gas President Uchida Takashi and First Gen President Francis Giles B. Puno recently signed a joint cooperation agreement to that effect. It follows on from the joint development agreement signed at the end of 2018 on developing an interim offshore LNG terminal in Batangas in southern Luzon island.

   “With the JCA, the parties will transition to the construction of a floating storage and regasification unit, with the aim of introducing LNG to the Philippines as early as in the second half of 2022,” said Tokyo Gas. “Under the terms of the JCA, the two companies will jointly construct, operate and maintain the interim offshore LNG terminal including converting the existing jetty into a multi-purpose jetty and constructing an adjoining onshore gas receiving facility,” added the Japanese company, which will have a 20 percent interest in the construction and operation of the project.

Excelerate Energy, the US floating liquefied natural gas terminal developer, has received permission to proceed with its Luzon LNG import project in the Bay of Batangas in the Philippines.