Tokyo Gas Co. has bought a 20% stake in FGEN LNG Corporation which owns and operates an offshore floating LNG terminal in Batangas City, Southern Luzon Island, in the Philippines.
The terminal marks Tokyo Gas’ first investment in a commercially operational overseas LNG terminal and follows a 25-year permit issued in January, and joint development agreements signed in 2018 and 2020. First Gen LNG Holding Corporation will retain an 80% stake. Tokyo Gas will leverage its experience in LNG terminals to support the operation and maintenance.
Economic and population growth in the Philippines are expected to drive higher electricity demand and the Department of Energy has set a plan to increase LNG volumes as an additional energy source and transition fuel. Its 115.9m population is densely concentrated around major cities and clusters.
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