First Gen signs vessel services deal

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Lopez-led power generation firm, First Gen Corp., said that its subsidiary, FGEN LNG Corp., executed a 10-year time charter party with Svitzer for the provision of towage and other vessel support services requirements of the interim offshore liquefied natural gas (LNG) terminal being built in Batangas.

Under the deal, the Denmark-based company will provide four new-build, 75-tons bollard pull tug vessels that will assist the floating storage regasification unit (FSRU) and carriers of the project for berthing, un-berthing, navigation assistance and other services including fire-fighting, pollution control, port and vessel security services, pilot and boarding party transfer and fender management.

Last month, First Gen said that its planned LNG terminal is still slated for completion by third quarter next year.

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Emmanuel Singson, First Gen’s chief finance officer, also said earlier that the project has around $120 million capital expenditure this year as it begins construction at the site to be ready to declare commercial operations by the said period in 2022.

In April, FGEN LNG already executed a 5-year time charter party with BW FSRU IV Pte Ltd. for the charter of a FSRU with a nominal and peak gas send out capacity of 500 million standard cubic feet per day (MMscfd) and 750 MMscfd, respectively.

According to data from the Department of Energy, First Gen has the third largest share in installed generating capacity in the entire country as of October 2020 at 3,567.8 MW or 15 percent of the Philippine’s entire power mix.

The company’s portfolio include natural gas, geothermal, hydro-electric, wind and solar power.

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