New 5-year charter deal signed for LNG terminal project by First Gen
FGEN LNG Corp has executed a 5-year deal with BW FSRU IV Pte Ltd for the charter of a floating storage regasification unit for its interim offshore liquefied natural gas terminal project.
The FSRU provided by the BW Paris has an LNG storage capacity of 162,400 m3 and a nominal and peak gas send out capacity of 500 MMscfd and 750 MMscfd, respectively, First Gen said.
BW FSRU IV Pte Ltd is a subsidiary of BW Gas Limited, First Gen Corp said in a disclosure to the stock exchange.
“The project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as Q3 2022, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” First Gen said.
BW Paris’ nominal send out capacity is 25 percent more than the production capability of Malampaya “which at its peak produced a maximum gas volume of approximately 400 MMscfd, and which is now declining,” First Gen added.
The company said BW Paris is also capable of providing ancillary services such as reloading of LNG into trucks and small-scale vessels which can distribute LNG to nearby industrial areas.
FGEN LNG’s interim offshore LNG terminal project will be built at the First Gen Clean Energy Complex in Batangas City, the company said, adding that it could play a “critical role” in ensuring energy security of the Luzon grid.
For more information visit www.firstgen.com.ph
8th April 2021