First Gen Corp. said Monday that a wholly-owned subsidiary, FGEN LNG Corp. had obtained a 25-year permit from the Department of Energy (DOE) to operate and maintain its offshore liquefied natural gas (LNG) terminal in Batangas City.
The use of LNG started last year as a supplement for gas from the nearly-depleted Malampaya field and to ensure energy security during the summer.
Earlier reports said that a regasification unit at the terminal began operating in October last year and the facility is expected to include a multi-purpose jetty and an onshore gas receiving facility.
First Gen said the project would support the introduction of more natural gas plant generation to serve as transition fuel and offer flexible power generation in line with the 2023-2050 Philippine Energy Plan.
“We are thankful to Secretary Raphael Lotilla and the Downstream Natural Gas Review and Evaluation Committee for the support and guidance provided throughout this process, and for issuing the POM,” First Gen President Giles Puno said.
First Gen’s share price rose by 52 centavos to close at P16.68 each on Monday.
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