FIRST GEN Corp. received its latest liquefied natural gas (LNG) cargo from Shell Eastern Trading Pte. Ltd. last month, possibly the last for the year, the Lopez-led company said on Tuesday.
“We had the delivery in October,” First Gen Senior Vice-President and Chief Revenue Officer Vincent Martin C. Villegas told reporters on Tuesday.
“What we do is we provide or complement the supply of Malampaya,” he added.
In September, the company invited bidders for the procurement of 154,500 cubic meters of LNG cargo to be used for its gas-fired power plants.
Asked if First Gen will procure another LNG cargo this year, Mr. Villegas said, “Not expected but depends on the utilization. But today, we don’t see.”
He added that the procurement of LNG cargo would depend on the utilization of the supply and the need to supplement Malampaya, the country’s sole natural gas provider.
The LNG cargo being procured is loaded into the BW Batangas, a floating storage and regasification unit, and then used for the power plants.
First Gen has four existing gas-fired power plants with a combined capacity of 2,017 megawatts in the First Gen Clean Energy Complex in Batangas.
Its subsidiary, FGEN LNG Corp., constructed an interim offshore LNG terminal and executed a five-year time charter party for BW Batangas to provide LNG storage and regasification services.
The company completed its first LNG cargo delivery in Subic in August 2023 and made subsequent deliveries at its Batangas complex in December 2023 and February and May 2024.
At the local bourse, First Gen shares fell 1.94% to close at P17.18 apiece. — Sheldeen Joy Talavera
