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First Gen allots $110 million for LNG hub

First Gen Corp. is allocating the bulk of a planned 2021 capital expenditure budget  of $110 million (5.4 billion) for the liquefied natural gas terminal in Batangas City. The company will also spend $18.3 million on gas power plants and $163 million on geothermal subsidiary Energy Development Corp.

First Gen president Francis Giles Puno said during the first virtual annual stockholders’ meeting the company already spent around $60 million on the LNG project.

Puno said the coronavirus pandemic would likely impact on the global supply chain which could lead to some delays in the manufacturing of equipment, but “we are hoping to start construction in the second half of this year.”

He said First Gen completed a detailed study on modifying its existing jetty at the First Gen Clean Energy Complex, and construction could proceed once the Department of Energy approved its application. 

Topics: First Gen Corp. , capital expenditure budget , Energy Development Corp.
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