First Gen Corporation’s unit FGEN LNG Corporation has disclosed pertinent pieces of information regarding its latest project.
The subsidiary of the Lopez-led firm relayed that its initiative would play a crucial role in guaranteeing the energy security of the grid based in Luzon.
This vision also applies to their venture involving the early entry of liquefied natural gas (LNG), as per the news posted online by the Philippine business newspaper BusinessWorld.
FGEN LNG Corporation’s project is useful because the indigenous petroleum resource of the Malampaya gas field will become less dependable in the near term.
The gas source will become less reliable when it comes to the production and provision of adequate fuel supply for the additional gas-fired power plants and the existing ones, parent company First Gen Corporation explained.
Moreover, the umbrella organization described the auspicious advantages that the entry of LNG will deliver.
First Gen Corporation mentioned that it would spur various entities to consider it as a substitute for more expensive and contaminated fuels.
Among these groups include transport and industrial industries, and new gas-fired power-generating station developments.
Besides filling in for the limitations of the Malampaya gas field, the publicly listed company cited that FGEN LNG Corporation’s project is an innovation.
It could bring the Philippines nearer to its national targets of a low-carbon future, greater access to energy, and energy security, First Gen Corporation said.
The firm relayed that these aims are among the stated targets of the country’s energy agenda for the years 2017 to 2040.
The Department of Energy (DoE) crafted this national plan.
As the first step in its project, First Gen Corporation confirmed that its subsidiary had already applied for regulatory authorization to the DoE.
Moreover, the company said that FGEN LNG Corporation had applied for this consent on the same day it announced its project’s details at the Philippine Stock Exchange (PSE).
If approved, FGEN LNG Corporation could begin building the offshore terminal for LNG inside its energy facility located in Batangas City.
This development could reportedly take place in as early as May this year.
Furthermore, the subsidiary would be able to obtain imported LNG in as early as 2022’s third quarter. On Thursday, March 5, 2020, First Gen Corporation (PSE: FGEN) closed at P16.44 per share.
From its previous close, this last trade price of the firm’s stock is down by P0.66 or 3.86 percent. Furthermore, the total value turnover reached P73,635,212.00.
The PSE recorded the 52-week high of First Gen Corporation at P27.65. Meanwhile, its 52-week low is at P16.36.
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