First Gen Corp. has started preliminary work to prepare for the construction of $1.26 billion (roughly P51.7 billion) worth of natural gas facilities and hydropower plants.
In an interview with reporters, First Gen president Francis Giles Puno explained that the company has hired a technical consultant to conduct the front-end engineering design (FEED) for the planned $1-billion storage and regasification facilities for liquefied natural gas (LNG).
According to Puno, they expected the FEED, which would determine the most cost-efficient way to undertake the project, to be completed within the third quarter this year. This will allow First Gen to start construction of the facilities by next year and have these completed between 2016 and 2018.
Puno explained that having LNG facilities would ensure the continued gas supply for its two power plants in Batangas once the gas from the Malampaya field off Palawan run out by 2024. First Gen, through its subsidiaries, owns and operates the 1,000-megawatt Sta. Rita and 500-MW San Lorenzo facilities.
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