On October 6, 2020, Tokyo Gas Co., Ltd. (President: UCHIDA Takashi , "Tokyo Gas") signed a Joint Cooperation Agreement ("JCA") with First Gen Corporation (President & COO: Francis Giles B. Puno, "First Gen") of the Republic of the Philippines. The two companies entered into a Joint Development Agreement(1) on December 5, 2018, and have been developing an Interim Offshore LNG Terminal in Batangas City, Southern Luzon Island. With the JCA, the parties will transition to the construction of a floating storage and regasification unit, with the aim of introducing LNG to the Philippines as early as in the second half of 2022.

Under the terms of the JCA, the two companies will jointly construct, operate and maintain the Interim Offshore LNG Terminal which includes converting the existing jetty into a multi-purpose jetty(2) and constructing an adjunct onshore gas receiving facility. Tokyo Gas will take a 20% participating interest in the construction and operation of the project. The Department of Energy of the Republic of the Philippines granted a permit to construct the Interim Offshore LNG Terminal on September 23, 2020.

First Gen is a power generation company of the Lopez Group, which is one of the largest conglomerates in the Philippines, and is the largest natural gas consumer in the Philippines with approximately 60% of the natural gas-fired power generation capacity in the country.

Tokyo Gas stated in its Group Management Vision "Compass 2030" that it intends to increase profits overseas approximately threefold by 2030 through business expansion outside Japan. Taking advantage of the technology and know-how related to our comprehensive energy business, we will contribute to energy solutions for customers and to the construction of energy infrastructure, while also taking on the challenge of developing value chains in other countries through alliances with local energy companies.

(1) Press release on December 5, 2018
(2) A jetty which is able to accept regasified natural gas from a floating storage and regasification unit, LNG from LNG carriers and back-up liquid fuel for the existing power plants.

About Tokyo Gas

Tokyo Gas Co., Ltd. is Japan's largest provider of city gas, serving more than 11 million customers for over 130 years, primarily in the Tokyo metropolitan area and surrounding Kanto region. We will respond to the needs of customers, society, and the next age while working to contribute to the realization of a prosperous, fulfilling way of life, competitive domestic industries, and an environment-friendly society. At the same time, recognizing our responsibility toward society, we will maintain a state of harmony with the communities in which we operate and aim to achieve sustainable growth for the Group by ensuring that we conduct management in a transparent and organized manner.

About First Gen

First Gen was incorporated on December 22, 1998 as a subsidiary of First Philippine Holdings Corporation (FPH), one of the oldest and largest conglomerates in the Philippines, that has interests in power generation, power distribution, infrastructure, manufacturing, and property development.