FIRST GEN Corp. is offering up to 40% of its proposed $1-billion liquefied natural gas (LNG) regasification terminal in Batangas City to prospective investors, the head of the Lopez-led company said on Thursday.
“We are going through a partner selection process. We have very good names in the shortlist. We’re talking to Japanese and European players as partners. Right now, they’re still there. What we are doing is spending time with them to see what the fit is,” said Francis Giles B. Puno, First Gen president and chief operating officer, told reporters on the sidelines of an industry forum.
The company is building the terminal that can handle 5 million tons of LNG, or an equivalent of 5,000 megawatts, ahead of the anticipated exhaustion of the Malampaya gas field in 2022 to 2024. The facility is expected to cater not just to the company’s requirements but those of the Ilijan plant and First Gen’s planned 414-MW Santa Maria and 414-MW St. Joseph plants.
First Gen expects to select the partner by the first half next year, which Mr. Puno said may not be limited to one partner. The company is talking to “eight different names” equally from Japan and Europe, he said. The investors may also be the company’s partners in the Santa Maria and St. Joseph projects.