Based on proposals submitted to the Department of Energy , at least seven liquefied natural gas terminals are expected to be built along the coasts of Luzon. Most of their proponents are companies that have long been in the power industry.
The first two LNG terminals expected to operate, for example, are owned by companies with substantial power generation market shares or are partnered with such firms. FGEN LNG Corp.’s floating storage and regasification unit which has a capacity of 5.26 million tons per annum – the largest among the proponents – is owned by First Gen LNG Holdings Corp. of the Lopez family.
It will supply the gas-fired power plant of Excellent Energy Resources Inc. . EERI is a subsidiary of SMC Global Power Holdings Corp., which is a unit of diversified conglomerate San Miguel Corp. Both LNG terminals are being built in partnership with the two largest Japanese gas firms. FGEN LNG counts 138-year-old firm Tokyo Gas Co. Ltd., the primary gas supplier in the Japanese capital, as a partner. Linseed has Osaka Gas Co. Ltd as its partner. Osaka Gas supplies gas to the Kansai region of Japan.
A Brown Co. and Vires Energy Corp. are both owned by Walter W. Brown, who is among the country’s richest persons according toBrown had a net worth of $200 million in 2018. He also has interests in mining and real estate.