A subsidiary of Philippines-based renewable energy provider First Gen Corp. announced Monday it signed a 5-year deal with Norway-based BW Gas Ltd. Accordingly, the agreement stands for the charter of a floating storage regasification unit for FGEN LNG’s interim offshore LNG terminal project in Batangas.
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First Gen on signing a charter deal with BW Gas
This Monday, a subsidiary of renewable energy provider First Gen Corp. announced it signed a 5-year deal with BW Gas Ltd. The latter was to chart one of its floating storage regasification units. Accordingly, those activities would be implemented on First Gen’s liquefied natural gas terminal project located in Batangas, Philippines.
Therefore, in a disclosure on Monday, First Gen said the floating storage regasification unit (FSRU) in question is a vessel with a storage capacity of 162,400 cubic meters (m3).
Moreover, BW FSRU IV Pte Ltd is a subsidiary of BW Gas Limited. Thus, Gen added in a disclosure to the stock exchange. Also, the Company specified that an FRSU is an LNG carrier (LNGC) capable of storing this commodity. Furthermore, this unit has an onboard regasification plant capable of returning LNG into a gaseous state and supplying it directly into the gas network.
In fact, the FSRU provided by BW has an LNG storage capacity of 162,400 m3. Additionally, it has a nominal and peak gas send-out capacity of 500 MMscfd and 750 MMscfd, respectively. Moreover, BW’s little send-out capacity is 25 percent more than the production capability of Malampaya.
A partnership for accelerating LNG in the Philippines
Particularly, First Gen said BW could provide ancillary services such as reloading LNG into trucks and small-scale vessels. Consequently, those 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. Thus, BW’s participation could play a “critical role” in ensuring the Luzon grid’s energy security.
Finally, “the Project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as Q3 2022. Moreover, it will serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” a company’s statement said.