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Energy

Southeast Asia scrambles for LNG with gas fields tapping out

Philippines and Vietnam build terminals in preparation for first imports

First Gen's floating LNG terminal is expected to save time and money on construction. (Photo courtesy of First Gen)

MANILA/TOKYO -- Southeast Asian countries are set to expand imports of liquefied natural gas as the depletion of domestic gas reserves looms, setting the stage for a realignment in the global LNG market.

In the Philippines, major power utility First Gen begins construction on a $300 million offshore LNG intake terminal this month in Batangas, a port city in the southern portion of the main island of Luzon. The large-scale project is the first of its kind for the nation.

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