The three firms announced in separate statements on Tuesday the completion of the transaction. The transaction involves the acquisition by MGen and TNGP, through Chromite Gas (CGHI), of a
The three power companies said the terminal will be used to receive, store, and process LNG fuel for the two power plants, thus fully integrating the local energy sector into the global natural gas supply chain.
AG&P’s unit AG&P LNG, which is now majority-owned byUS investment and asset management firm Nebula Energy, is the operator of the first LNG import and regasification terminal in the Philippines, called the Philippines LNG (PHLNG) import terminal located in Batangas Bay.
In April 2023, AG&P kicked off commissioning activities at the LNG import terminal following the arrival of the 137,500-cbm FSU Ish at the terminal’s jetty in Batangas Bay.
AG&P previously said that San Miguel uses regasified LNG from this plant to power its Ilijan gas-fired power plant, one of the largest in the country, to serve Luzon, the most populous region in the Philippines.
This new collaboration “will substantially augment the country’s power supply with over 2,500 MW of generation capacity once fully operational, backed by advanced LNG storage and regasification capabilities,” the three power firms previously said.
The Philippines has several LNG import facilities on the table as the Malampaya gas field becomes less reliable in producing and providing sufficient fuel supply for the country’s existing gas-fired power plants.
Besides AG&P’s terminal, First Gen also launched its Batangas FSRU-based facility last year.
Aboitiz Power confirmed in a separate statement recently that the main players in the country’s gas-to-power industry are exploring interconnecting their pipeline infrastructure to share LNG imports.
According to the statement, the three power firms may join forces with First Gen to share LNG imports.
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