FGEN BARES CANDIDATES FOR GAS PROJECT
FGEN LNG Corporation (FGEN LNG), a wholly-owned subsidiary of First Gen Corporation (First Gen) has the selection of two Preferred Tenderers to continue to the final stage of its binding tender process for the charter of a Floating Storage Regasification Unit (FSRU).
The project is for FGEN LNG’s Interim Offshore LNG Terminal (Project) which will be built at the First Gen Clean Energy Complex in Batangas City, Philippines.
The two Preferred Tenderers, BW Gas Limited and Hoegh LNG Asia Pte Ltd., have been informed that FGEN LNG intends to select the FSRU provider by the end of March 2021.
The Project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as Q3 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 a Liquefied Natural Gas Carrier (LNGC) that is 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 the end of 2019.