Marcos lauds Tokyo Gas, First Gen LNG project

February 12, 2023 People's Tonight 134 views

‘Most critical part of PH transition to renewable energy’

PRESIDENT Bongbong Marcos highlighted the key role of the liquefied natural gas (LNG) terminal facility of Tokyo Gas and Lopez-owned First Gen in the country’s transition from fossil fuels to green energy.

In a Tokyo meeting attended by Tokyo Gas president and CEO Takashi Uchida and First Gen chairman and CEO Federico “Piki” Lopez, Marcos took note of how the Japanese energy giant decided to invest in the Philippines “even before it was decided that LNG would create this large role in our energy mix because we are very much talking about the mix between renewables and traditional at the time.”

“But now we are here now and certainly that is the most critical part of our plans for the future,” Marcos said.

First Gen is expected to start commercial operations of its LNG terminal in Batangas by June or four and half years since the Lopez firm forged an 80-20 partnership with Tokyo Gas. The Malampaya gas field is projected to be depleted in three years and there is a rush to build more utilities to hold the projected rise in LNG imports.

“We are encouraged that if in the view of Tokyo Gas that it is worth the investment, then we feel that we are going down the right path for our country’s energy mix and we are grateful for that vote of confidence that you have shown by your investment in the future of the Philippine economy, the future especially of our energy supply from liquefied natural gas,” said Marcos.

Marcos said the country is depending on LNG as a transition fuel as it would take six to seven more years to reap the benefits of the solar and wind power currently under development.

“What do we do in the meantime? We are examining the possibility of taking more traditional wind and solar power, geothermal, all of these. But it will take time to come into play because the infrastructure has to be put in place. That’s why we are doing all we can to find ways to further– to encourage extraction of LNG,” Marcos added.

The other officials who attended Marcos’ courtesy call with Tokyo Gas executives are Speaker Martin Romualdez, former President Gloria Macapagal-Arroyo, Senate President Migz Zubiri, Special Assistant to the President Antono Lagdameo and Presidential Adviser on Investments and bilyonaryo Frederick Go.