The Philippines has approved yet another proposed liquefied natural gas (LNG) to power scheme as the country faces a looming gas supply crunch. The latest award, to Vires Energy, underscores the department of energy’s (DOE’s) lack of strategy for LNG imports in the power-hungry Southeast Asia nation.
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April 29, 2021 | 12:02 am
FIRST GEN Corp. said on Wednesday that Norwayâs BW Gas Ltd. had committed to provide a liquefied natural gas (LNG) vessel to the Lopez-led firmâs unit ahead of a similar deal with another local company.
It said BW Gas, which owns a subsidiary that will deliver the floating storage and regasification unit (FSRU), made the commitment as early as November last year.
First Genâs clarification in a disclosure to the stock exchange came a few days after the Department of Energy (DoE) approved Vires Energy Corp.âs application to proceed with its planned gas-fired power plant, which is integrated with an LNG storage and regasification facility, in Batangas.
Norway firm backs First Gen’s LNG project Jordeene B. Lagare
Norway-based BW Gas Ltd. has expressed its commitment to First Gen Corp.’s liquefied natural gas (LNG) project in Batangas.
The Lopez-led company told the local bourse on Wednesday that BW Gas issued a “commitment undertaking” to its subsidiary FGEN LNG Corp. as early as November last year.
BW Gas stipulated in the said undertaking that BW Gas unit BW FSRU IV Pte. Ltd. shall ensure “that the BW Paris was not contracted, either conditionally or unconditionally, to any person(s) (other than FGEN LNG) in a manner that would prevent the BW Paris from being available to be chartered by FGEN LNG to meet the requirements and timeframe of the project.”
27 April 2021 2:32 GMT Updated 27 April 2021 2:32 GMT in Singapore
Vires Energy has received the green light from the Philippines government to progress its planned liquefied natural gas import project in the Southeast Asian nation.
The Department of Energy has approved Vires’ Notice to Proceed application for the proposed integrated LNG project in Batangas province.
Receiving the NTP is a key step that allows companies to acquire the necessary permits, which should help to ensure the project leaves the drawing board. Vires will also need submit proof of financing together with the relevant permits to the regulator within six months.
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