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Tokyo Gas announced on Wendesday that it had subscribed a 20 percent stake in FGEN LNG, marking its first investment in a commercially operational overseas LNG terminal project.
However, the Japanese firm did not provide financial details.
Back in 2020, First Gen, controlled by the Lopez family, signed a joint cooperation deal with Tokyo Gas for the Batangas LNG import terminal in the Philippines, and this deal included Tokyo Gas buying a 20 percent stake in the project.
In May 2024, FGEN LNG and Tokyo Gas executed a shareholders’ agreement and share subscription agreement.
The agreement remained subject to a number of conditions precedent, including securing relevant government approvals.
“Tokyo Gas will leverage its extensive expertise in the optimal operation of LNG terminals, accumulated over many years in Japan, to support the operation and maintenance of the terminal,” Tokyo Gas said on Wednesday.
Batangas FSRU
Last month, First Gen received a 25-year permit to operate and maintain its Batangas LNG import terminal.
Moreover, the FSRU-based LNG terminal received a new cargo of LNG in October last year.
The 162,000-cbm FSRU BW Batangas, owned by BW LNG and chartered by First Gen, received the cargo from the 174,000-cbm GasLog Greece, owned by GasLog and chartered by Shell, from Shell’s QCLNG plant in Australia.
Prior to the arrival of GasLog Greece, First Gen issued a tender in September 2024 seeking to procure a single cargo of LNG via its unit First Gen Singapore on a delivered ex-ship (DES) basis.
The firm awarded the tender to LNG giant Shell, and this was the seventh tender the company issued since 2023.
BW Batangas is berthed at the First Gen Clean Energy Complex (FGCEC) in Batangas City.
First Gen uses regasified LNG to fuel its gas-fired power plants located in the complex.
The company has a portfolio of four gas-fired power plants with a combined capacity of 2,017 MW that have been supplied for many years with gas from the Malampaya offshore gas field.