Fgen LNG, a unit of Manila-listed First Gen Corp (Fgen), and BW LNG plan to change the name of the floating storage regasification unit (FSRU) that will be used for the former’s interim offshore LNG receiving terminal from BW Paris to BW Batangas, Fgen said on September 7 in a stock exchange filing.
Fgen LNG and BW LNG executed a five-year deal last year for the charter of BW Paris and it is intended that the name change will be carried out before its deployment to the First Gen clean energy complex in Batangas City by the end of Q2 or early Q3 2023, Fgen said. The parties earlier this year agreed to move the delivery of the FSRU from Q1 2023 to the end of Q2 or early Q3 2023 due to the delay in the completion of the unit.
The FSRU will provide LNG storage and regasification services to First Gen’s existing and planned gas-fired power plants and other third-party terminal users.
Fgen LNG believes the project will play a critical role in ensuring the energy security of the Luzon grid and the Philippines, particularly as the indigenous Malampaya natural gas resource is expected to decline in the next few years.