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First Gen Corp. invited three companies to submit a proposal to develop its $ 300 million floating storage regasification unit (FSRU) that would set the stage for importing liquefied natural gas (LNG) starting in 2022. In a disclosure Wednesday , the Lopez-led company said that a binding invitation to tender (BITT) was issued for BW Gas Ltd., GasLog LNG Services Ltd. and Hoegh LNG Asia Pte Ltd. Executive Vice President and First Generation Commercial Director Jonathan Russell, He described the three companies as “very experienced players in the international LNG industry”, and said his company was delighted to have “expressed great interest in providing a suitable FSRU for the benefit of the project and the Philippines.” An FSRU is a liquefied natural gas transporter that is capable of storing LNG and has an on-board regasification plant capable of returning LNG to a gaseous state and then supplying it directly to the gas network. A typical FSRU has a storage capacity of between 125,000 cubic meters (m3) and 170,000 m3. First-generation shares fell 2 cents or 0.77 percent to close at P26.30 each on Wednesday.
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