First Gen Corporation of Philippines said the start of construction of its $1 billion LNG terminal is due next year.
As the gas supplies from the Malampaya field are expected run out in 2024, the company is looking to secure uninterrupted operation of its power plants.
First Gen President Francis Giles Puno said the company will keep a 50% stake in the project while the rest will be given to partners and a foreign investor, reports Reuters.
According to Puno, the terminal’s construction is set to start in the second half of 2016 or early 2017 with the start-up expected in 2020 or 2021. He declined to name contractors that have been shortlisted for the LNG project.
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LNG World News Staff, Image: Shell