BW LNG, a unit of the Singapore-based gas shipping giant BW Group, has secured a five-year FSRU charter deal with FGEN LNG Corporation.
The company will deploy its FSRU BW Paris that has completed the FSRU conversion at the Keppel Shipyard in Singapore.
The vessel has a storage capacity of up to 162,400 cubic meters of chilled fuel and a regasification capacity of 550 million metric standard cubic feet of natural gas per day.
In a brief statement through its social media channels, BW LNG said BW Paris will support the Philippines’ ambition to be an LNG hub through additional services such as the reloading of LNG into trucks and small-scale LNG vessels.
FGEN is developing the Interim Offshore LNG Terminal that will be built at the First Gen Clean Energy Complex in Batangas City, Philippines.
The project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as the third quarter of 2022
FGEN LNG believes the project will play a critical role in ensuring the 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.
The entry of LNG will encourage new power plant developments, as well as industrial and transport industries, to consider it as a replacement for more costly and polluting fuels.