Vires Energy Corporation (VEC) has clarified that it will no longer contract liquefied natural gas (LNG) tanker BW Paris.
The Department of Energy (DOE) announced in its press release over the weekend that it granted Vires a Notice to Proceed (NTP) for the development of its LNG terminal project in Batangas City. The same press release also said that the firm had proposed to utilize BW Paris as its floating storage and regasfication unit. (FSRU).
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, parent firm A. Brown, Inc. said that VEC’s negotiations with BW Gas, which owns BW Paris, did not materialize and is currently considering other options and arrangements with other vessels.
A. Brown also said the Vires was still in contact with BW Gas at the time it was initially applying for its (NTP) in June 2020.
Citing BW Gas’ letter to the DOE, meanwhile, First Gen Corporation confirmed A. Brown’s latest statement in its own clarification to the PSE on Wednesday. Earlier this April, the Lopez-owned firm, through subsidiary FGEN LNG Corporation, signed a five-year time charter party with BW Gas for the use of BW Paris as its FSRU.
“BW Gas Limited had received preliminary inquiries in respect of the BW Paris from various companies, including some Philippine companies, including parties claiming to represent Vires Energy Corporation, however, the nature of such inquiries never went beyond the exploratory,” First Gen’s disclosure read.
First Gen and BW Gas further clarified that the portion of the DOE’s press release pertaining to the tanker “cannot be correct as the BW Paris has been contracted to FGEN LNG by its owner, BW FSRU IV Pte. Ltd.”
Photo courtesy of shipspotting.com.