Tokyo Gas said on Wednesday it had made its first foray into a commercially operational terminal for liquefied natural gas outside Japan by acquiring a 20 per cent stake in Philippines' F-Gen LNG, a unit of First Gen Corporation.
This is the first time that Tokyo Gas has invested in an overseas LNG terminal project that has reached commercial operation
Financial terms of the deal for the stake in FGEN LNG, which owns and operates an offshore floating LNG terminal in Batangas City, were not disclosed.
"In December 2018, Tokyo Gas entered into a joint development agreement with FirstGen, the parent company of F-Gen LNG, [followed by a] mutual cooperation agreement in October 2020," said Tokyo Gas.
"We have been developing and constructing this terminal using an FSRU (a vessel equipped with a floating LNG storage and regasification system)."
(Reporting by Chang-Ran Kim; Editing by Janane Venkatraman)