Tokyo Gas to join Philippines offshore LNG terminal project
MANILA, NNA - Tokyo Gas Co. has concluded a contract with major Philippines power generator First Gen Corp. to cooperate in building a liquefied natural gas terminal in an area off the Southeast Asian nation's Luzon Island.
The largest Japanese gas supplier said Wednesday it will take on 20 percent of the $300 million project, including terminal construction and operation for importing LNG as well as repair of an existing jetty and installation of gas-receiving equipment in an area in Batangas city, some 100 kilometers south of Manila.
Tokyo Gas and First Gen, a member of the Lopez Group conglomerate, are seeking to launch construction work on the floating facility within the year for completion in the second half of 2022.
The duo initially planned to build an onshore LNG terminal under a joint development contract concluded in December 2018 but switched to the offshore project as the latter is expected to be faster to complete.
The Philippines has only one domestic gas field which may be exhausted as soon as 2024. (NNA/Kyodo)