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First Gen partners with Tokyo Gas for LNG project

First Gen Corp's natural gas plants in Batangas. ABS-CBN News

MANILA – First Gen Corp said Wednesday it signed a joint development agreement with Tokyo Gas Co Ltd for a liquefied natural gas project in Batangas province.

Under the preliminary deal, Tokyo Gas will take a 20-percent participating interest in the FGEN LNG project and provide support for development to arrive at a final investment decision, First Gen told the stock exchange.

"First Gen and Tokyo Gas share the common belief that the country needs clean natural gas to produce power which is not only cost-competitive but, given its flexible operations, is the perfect complement to a growing renewable energy industry," said First Gen President Giles Puno.

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