Published May 26, 2021, 2:38 PM
FGP Corp., which is a subsidiary of Lopez-led First Gen Corporation, has inked a six-year US$308 million loan facility with four banks – the proceeds of which will primarily be allocated to refinance debts funneled to its 500-megawatt San Lorenzo gas fired power plant; while the rest will be earmarked for expansion projects.
First Gen
The lenders in the new loan deal are Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank and foreign bank Sumitomo Mitsui Banking Corporation – Singapore Branch.
“The proceeds from the initial drawdown on the loans will be primarily used to repay the amounts due on FGP’s existing debt of approximately US$164 million,” First Gen has stipulated in its disclosure to the Philippine Stock Exchange.
Published May 26, 2021, 2:51 PM
Uy-led firm Phoenix Petroleum Philippines Inc. has denied interest to buy the ‘banked gas’ of state-run Philippine National Oil Company (PNOC) that shall be extracted from the Malampaya field.
It was no less than PNOC President and CEO Reuben S. Lista who indicated that Phoenix Petroleum is among the firms that has standing offer for the banked gas, but the oil firm said that “statement is unconfirmed.”
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum further emphasized that “the company has no knowledge of any interest to purchase banked gas as of date of writing.”
Published May 25, 2021, 4:08 PM
Lopez-led First Gen Corporation confirmed that it remains very keen on buying the ‘banked gas’ that can still be extracted from the Malampaya field.
According to Jerome Cainglet, vice president of First Gen, “we have expressed our interest to purchase the banked gas for use of our gas-fired plants.”
He qualified that since the 2016 bidding set by the Philippine National Oil Company (PNOC), which is the government entity now owning the banked gas, First Gen continued “to be interested if PNOC will sell the banked gas.”
It was PNOC President and CEO Reuben S. Lista who indicated to Manila Bulletin that several parties still have standing offers to purchase the fuel – and he named First Gen, along with Phoenix Petroleum Philippines Inc. of businessman Dennis Uy and state-run Power Sector Assets and Liabilities Management Corporation (PSALM) as the prospective takers.
Listed firm Phoenix Petroleum Philippines Inc., another company of businessman Dennis Uy, is reportedly offering to buy the Malampaya ‘banked gas’ of state-run Philippine National Oil Company (PNOC) that had been previously valued between $700 million to $800 million, approximately P33 billion to P3
Published May 19, 2021, 2:33 PM
Lopez-led First Gen Corporation has earmarked US$530 million capital expenditures (capex) this year that will be funneled mainly to the expansion projects of subsidiary Energy Development Corporation (EDC) as well as its ongoing interim liquefied natural gas (LNG) import terminal.
During the company’s annual stockholders’ meeting, First Gen Chief Finance Officer Emmanuel P. Singson stated that “EDC is targeting a higher capex this year and is planning to spend US$280 million to catch up on its drilling and investments, as the Covid-19 pandemic resulted in the postponement of key activities last year.”
The EDC projects being advanced this year will include binary growth facilities – primarily its 3.6-megawatt Mindanao-3 and the 29MW Palayan Bayan project.