Lopez eyes Q3 2002 for LNG hub launch

The project will be funded through the P50 billion capital expenditure outlay of parent First Gen Corp. for this year

Lopez group’s renewable energy unit FGEN LNG Corp. (FGEN LNG) has signed a 10-year Time Charter Party with Danish firm Svitzer for the towage and other vessel support services requirements of its planned Interim Offshore LNG Terminal project.

FGEN LNG said the deal will accelerate its ability to introduce LNG to the Philippines as

early as the third quarter of next year “to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates.”

The project will be funded through the P50 billion capital expenditure outlay of parent First Gen Corp. for this year.

The First Gen Clean Energy Complex is located in Batangas City.

Svitzer will provide four newly built 75-tons bollard pull tug vessels with Class Notation under Lloyd’s Register that will assist the Floating Storage Regasification Unit (FSRU) for the project and liquefied natural gas (LNG) carriers that will call at FSRU for berthing, unberthing, navigation assistance, and provide other services including fire-fighting, pollution control, port and vessel security services,

pilot and boarding party transfer, and fender management, FGEN LNG indicated to the bourse.

Key to energy thrust

FGEN LNG said it believes the project will play a critical role in ensuring energy security of the Luzon grid and the Philippines, “particularly as the indigenous Malampaya gas resource is expected to be less reliable in producing and providing sufficient fuel supply for the country’s existing gas-fired power plants, and even less so for additional gas-fired power plants.”

It added that the entry of LNG will encourage new power plant developments, as well as industrial and transport industries, to consider it as a replacement to more costly and polluting fuels.

PHOTOGRAPH COURTESY OF CENTURY PACIFIC GROUP From cans to homes Century Pacific Group, which makes household consumer brands such as Century Tuna, Argentina, 555, Angel and Birch Tree, of the Po family has diversified into the property business through Pacifica Homes Development Corp which is engaged in low-cost shelters. Its first project is the Hamana Homes in Magalang, Pampanga. Pacifica Homes president and CEO Oscar Pobre (left) led the Hamana Homes ground breaking ceremony through a capsule laying rite.