Officials of First Gen and Tokyo Gas celebrate with a wine toast after the signing ceremony (l-r): Victor Emmanuel Santos Jr., First Gen EVP; Toshihide Kasutani, Tokyo Gas EVP and global business representative executive officer; Giles Puno, First Gen president and COO; Emmanuel Antonio Singson, First Gen EVP, CFO and treasurer; and Vincent Martin Villegas, FGEN LNG president and COOTokyo Gas Co. Ltd., Japan’s largest natural gas utility company, has completed its acquisition of a 20% equity ownership in FGEN LNG Corporation, a subsidiary of First Gen Corporation. FGEN LNG is the owner and operator of a liquefied natural gas (LNG) terminal project at the First Gen Energy Complex in Batangas City (LNG Terminal).

The acquisition, Tokyo Gas’ first investment in a commercially operational overseas LNG terminal project, was made by way of a subscription by Tokyo Gas to a 20% ownership in FGEN LNG.

“We welcome Tokyo Gas into the First Gen group. This subscription will deepen our partnership and enhance synergy that will boost our efforts in support of the Philippines’ energy security and stability even as we all pursue decarbonization,” said Giles Puno, vice chairman and chief executive officer of FGEN LNG and concurrent president of First Gen.

Tokyo Gas, founded in 1885 and based in Minato, Tokyo, signed a subscription agreement with First Gen LNG Holdings in May 2024 for the Japanese company’s minority stake in FGEN LNG. The agreement was tied to several conditions precedent, including the procurement of relevant government approvals.

Prior to this, Tokyo Gas partnered with First Gen starting in December 2018 for the development and construction of the LNG Terminal, which broke ground in May 2019.

The LNG Terminal was granted a permit to operate and maintain by the Department of Energy—the first to be granted to an LNG facility in the Philippines, supplying regasified LNG to First Gen’s gas-fired power plants.

(Story by:Joel Gaborni)