First Gen taps foreign firm for LNG project

June 4, 2021
https://www.manilatimes.net/2021/06/04/business/top-business/first-gen-taps-foreign-firm-for-lng-project/1801883

LNG Corp. inked a 10-year time charter party with Denmark-based Svitzer for its liquefied natural gas (LNG) terminal in Batangas City.

In a disclosure, the Lopez-led company said the accord covers towage and other vessel support services requirements of its planned Interim Offshore LNG Terminal Project located at the First Gen Clean Energy Complex.

"Svitzer will provide four new build 75-tons bollard pull tug vessels with Class Notation under Lloyd's Register that will assist the floating storage regasification unit (FSRU) for the project and liquefied natural Gas (LNG) carriers that will call at FSRU for berthing, un-berthing, navigation assistance, and provide other services including fire fighting, pollution control, port and vessel security services, pilot and boarding party transfer, and fender management," it added.

Founded in 1833, Svitzer is a global towage services provider operating across four regions and over 30 countries in more than 138 ports and terminals.

An affiliate of the Maersk Group, the firm is equipped with the ability to provide towage and marine services to FGEN LNG, and well positioned to help minimize project risks.

"As part of the Maersk Group, Svitzer offers FGEN LNG access to a suite of competencies across the offshore support services and terminal towage sectors," said First Gen.

FGEN LNG is developing the LNG project to accelerate its ability to introduce LNG to the Philippines as early as the 3rd quarter of 2022, as well as serve the natural gas requirements of existing and future gas-fired power plants of third parties and its affiliates.

It also believes the LNG facility as a whole will play a critical role in ensuring the energy security of the Luzon Grid and the Philippines, particularly as the indigenous Malampaya gas resource is expected to be less reliable in producing and providing sufficient fuel supply for the country's existing gas-fired power plants, and even less so for additional gas-fired power plants.

First Gen shares rose by 50 centavos or 1.64 percent to close at P31 each on Thursday.