First Gen Tags Preferred Bidders for LNG Tanker

Source: 7/17/2020, Location: Asia

First Gen Corp. LNG Corp., a wholly-owned subsidiary of Lopez-led First Gen Corp., has selected three preferred bidders to participate in a competitive selection process (CSP) for its planned Floating Storage and Regasification Unit (FSRU).

An FSRU is an LNG (liquefied natural gas) storage ship that has an onboard regasification plant capable of returning LNG back into a gaseous state and then supplying it directly into the gas network.

“The three Preferred Tenders selected by FGEN LNG to participate in the FSRU Tender Process for the chartering of an FSRU for the Project are BW Gas Limited, GasLog LNG Services Ltd. and Hoegh LNG Asia Pte Ltd.,” First Gen said Thursday.

The winning bidders will provide LNG storage and regasification services in respect of FGEN LNG’s Interim Offshore LNG Terminal that it is developing at the First Gen Clean Energy Complex in Batangas City.

BW Gas Limited is a wholly-owned subsidiary of the BW Group, and is involved in the global market of transportation and floating regasification services of LNG, including construction, ownership, and operation of FSRUs and other LNGCs.

GasLog LNG Services Ltd. is a wholly-owned subsidiary of GasLog, which is one of the largest independent LNG midstream companies in the world, with experience dealing with cargo types as diverse as LNG, oil, dry-bulk, and chemicals.

It is an LNG focused ship owner, listed on the New York Stock Exchange, with a technologically advanced fleet that it manages exclusively through its six offices around the world.

Hoegh LNG Asia Pte. Ltd. is a wholly-owned subsidiary of Hoegh LNG Limited, which is itself a wholly-owned subsidiary of Hoegh LNG Holdings. Hoegh LNG Holdings, which is listed on the Oslo stock exchange, specializes in the global market of transportation and floating regasification services of LNG, including the construction, ownership, and operation of FSRUs.

The FSRU represents the initial phase of the FGEN Batangas LNG Terminal.

First Gen said the project consists of construction works necessary to modify the existing liquid fuel jetty that will enable it to become multiple-use, and build an adjunct onshore gas receiving facility to receive and deliver gas to end-users.

Once completed, the project will utilize an FSRU that will be docked at the Multi-Purpose Jetty to store and re-gasify LNG for use when required.

“The project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as third quarter of 2022 and is intended to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” it said.

FGEN LNG said its LNG project will play a critical role in ensuring the energy security of the country as the gas from the Malampaya facility is expected to be less reliable in producing and providing sufficient fuel supply for the country’s existing gas- fired power plants, and even less so for additional gas-fired power plants.

“The entry of LNG to supplement and eventually replace Malampaya gas will encourage new power plant developments, as well as industrial and transport industries, to consider it as a replacement to more costly and polluting fuels,” it added.

First Gen already operates four gas-fed power plants with an aggregate capacity of about 2,000megawatts (MW). These are the 1,000-MW Santa Rita, 500-MW San Lorenzo, 414-MW San Gabriel and 97-MW Avion.

The gas contracts inked between the Malampaya consortium and gas power plants will expire in 2021. Thus, gas plants must look for other sources before their contract expires.

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