Lopez-led First Gen Corp. on Monday said it will accelerate the introduction of liquefied natural gas (LNG) in the country to serve the requirements of its gas-fired power plants.
In a statement, First Gen’s unit FGEN LNG Corp. has selected BW Gas Limited, Dynagas Ltd. and Hoegh LNG Asia Pte Ltd. to continue to the next stage of its binding tender process for the charter of a floating storage regasification unit (FSRU) of the company’s interim offshore LNG terminal. The said terminal will be built at the First Gen Clean Energy Complex in Batangas City.
The said facility will serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates.
An FSRU is a liquefied natural gas carrier capable of storing LNG and which has an onboard regasification plant capable of returning LNG into a gaseous state and then supplying it directly into the gas network.
A typical FSRU has a storage capacity of between 125,000 cubic meters and 170,000 cubic meters.
According to the International Gas Union World LNG Report – 2020 Edition, approximately 6 percent of the global fleet of 541 LNGC vessels operate as FSRUs as of the end of 2019.
BW Gas 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 LNG carriers.
It provides integrated solutions to clients across the LNG value chain, and claims to be a leader in maritime energy transportation.
Dynagas Ltd., meanwhile, is an LNG maritime transportation company, headquartered in Athens, Greece. The company manages a fleet of LNG carriers, 15 on the water plus two under construction, on long term charters with major energy companies and two FSRU’s currently under construction.
The company was established in 2004 to manage LNG carriers and other LNG infrastructure assets, and took delivery of its first vessel in 2007.
Prior to placing an order for two high specification FSRUs in Hudong Shipyard, Dynagas has since 2007 been involved in concepts and plans for regasification projects ranging from FSRU conversions to FSRU new builds.
Hoegh LNG is a wholly-owned subsidiary of Hoegh LNG Ltd., 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 and LNGCs.