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    FGEN   PHY2518H1143

FIRST GEN CORPORATION

(FGEN)
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First Gen : Tokyo Gas, First Gen to build offshore LNG terminal in Philippines

10/07/2020 | 05:40am EDT
FILE PHOTO: General view of the Negishi LNG Terminal which is jointly operated by Tokyo Gas and JERA in Yokohama, Japan

TOKYO (Reuters) - Japan's biggest city gas distributor Tokyo Gas Co Ltd said on Wednesday it and the Philippines' First Gen Corp have agreed to build an offshore liquefied natural gas (LNG) terminal on Luzon island in the Philippines.

The two companies, which have been considering the alliance in the project since 2018, plan to construct and operate a Floating Storage & Regasification Unit (FSRU) near Batangas City and onshore gas receiving facilities, with an aim to introduce LNG to the Philippines as early as in the second half of 2022.

The Philippine government has approved First Gen's LNG terminal project, along with three other projects.

The Southeast Asian country will need to import LNG to feed existing power plants with a combined capacity of about 3,200 megawatts (MW) as the Malampaya gas field in western Philippine waters is expected to run dry by 2027.

Under the latest agreement, Tokyo Gas will take a 20% participating interest in the construction and operation of the project, the company said, declining to give an estimate of construction cost.

First Gen is a power generation company of the Lopez Group, one of the largest conglomerates in the Philippines, and is the largest natural gas consumer in the country, holding about 60% of gas-fired power generation capacity.

Under the long-term vision unveiled last year, Tokyo Gas is targeting to triple its overseas profits by 2030 to account for 25% of its total operating profit.

(Reporting by Yuka Obayashi, editing by Louise Heavens)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FIRST GEN CORPORATION -0.48% 30.8 End-of-day quote.9.41%
TOKYO GAS CO.,LTD. -1.89% 2108 End-of-day quote.-11.58%
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Financials (USD)
Sales 2021 2 065 M - -
Net income 2021 292 M - -
Net Debt 2021 710 M - -
P/E ratio 2021 8,02x
Yield 2021 1,70%
Capitalization 2 242 M 2 244 M -
EV / Sales 2021 1,43x
EV / Sales 2022 1,25x
Nbr of Employees 2 023
Free-Float 17,8%
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Technical analysis trends FIRST GEN CORPORATION
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Mean consensus BUY
Number of Analysts 5
Last Close Price 0,63 $
Average target price 0,78 $
Spread / Average Target 23,1%
EPS Revisions
Managers and Directors
NameTitle
Federico Rufino Lopez Executive Chairman & Chief Executive Officer
Francis Giles B. Puno President, Chief Operating Officer & Director
Emmanuel Antonio P. Singson CFO, Treasurer & Senior Vice President
Ferdinand B. Poblete Chief Information Officer
Valerie Y. Dy Sun Compliance Officer, VP & Head-Investor Relations
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