Tokyo Gas Announced Acquisition in First Gen’s LNG Unit

SEATTLE (Oil Monster): Tokyo Gas, Japan's top state-owned natural gas company, declared that it had successfully acquired a portion of First Gen Corp.'s LNG business.

In a filing to the Philippine Stock Exchange yesterday, the business stated that the 20% ownership subscription in FGEN LNG Corp represents its first investment in a commercially operating foreign LNG terminal project. By the way, the LNG terminal project at Batangas City's First Gen Clean Energy Complex is owned and run by FGEN LNG Corp.

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The Philippines Department of Energy has been concentrating on LNG as a transition fuel because it is anticipated that the country's population and economy will continue to develop steadily, increasing the need for electricity in the years to come. Tokyo Gas's participation in the LNG project is seen as a first step in its endeavors to promote the development of the LNG value chain in the nation and increase the use of natural gas.

The subscription would strengthen the relationship to support their efforts to maintain decarbonization and guarantee the energy security and stability of the Philippines, according to Giles Puno, vice chairman and CEO of FGEN LNG.

Tokyo Gas and First Gen LNG Holdings inked a subscription agreement earlier in May of last year with the goal of Tokyo Gas purchasing a minority stake in FGEN LNG.