News coming out of the Philippines is that yet another group of companies is trying to be the first to build a working liquefied natural gas (LNG) receiving terminal in the Philippines. On Wednesday, Philippine power company First Gen Corp. and Tokyo Gas said they had signed a preliminary agreement to jointly develop a LNG import terminal project in the Philippines. First Gen Corp. said that Tokyo Gas will take a 20-percent interest in the project, which will be located in Bangles province, south of the Philippine capital, Manila. No further financial details were disclosed. The Manila-based company operates four of the country’s five gas-fired power plants, with total capacity of about 2,000 MW, all of them in Batangas province. The disclosure comes as the Philippines faces an impending natural gas shortage. Estimates vary, but most experts claim that gas at the country’s offshore Malampaya gas field will be […]