First Gen selects 3 European FSRU bidders for LNG project

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FGEN LNG Corporation (FGEN LNG), a subsidiary of Lopez-owned First Gen Corporation, said it has selected three European bidders to continue on to the next stage of its binding tender process for the charter of a Floating Storage Regasification Unit (FSRU) for the company’s interim offshore liquefied natural gas (LNG) terminal project in Batangas.

In a disclosure to the Philippine Stock Exchange, First Gen said the three bidders are namely: Norway-based BW Gas Limited and Hoegh LNG Asia Pte Ltd., as well as Athens, Greece-based Dynagas Ltd.

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

An FSRU is an LNG 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 m3 and 170,000 m3. According to the International Gas Union World LNG Report – 2020 Edition, approximately six percent of the global fleet of 541 LNGC vessels operate as FSRUs as of end-2019.

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