MoFo Represents Tokyo Gas on its Investment in Philippine LNG Terminal

Morrison Foerster represented Tokyo Gas Co., Ltd. on its entry into definitive agreements for the acquisition of a 20% stake in an LNG import and regasification terminal project in Batangas province. The remaining 80% stake will be held by First Gen LNG Holdings Corporation, a wholly-owned subsidiary of First Gen Corporation.

The LNG terminal will accelerate the ability to introduce LNG to the Philippines and to serve the natural gas requirements of existing and future gas-fired power plants in the Philippines, and is intended to play a critical role in supporting Philippine energy security and fostering a low-carbon society.

MoFo also represented Tokyo Gas on its initial entry into a joint development agreement with First Gen in respect of the project in 2018, and its subsequent entry into a joint cooperation agreement with First Gen in respect of the project in 2020.

Closing of the transaction is subject to certain conditions, including the procurement of relevant government approvals. The transaction is expected to close in Q4 2024.

The MoFo team advising Tokyo Gas was led by Tokyo partner Mike Graffagna and Tokyo associate Ganesh Vaheisvaran, with support from a wider team including Singapore partner Per Lindberg and Singapore associate Lyna Luo.