Description

The project is for Linseed to build, own and operate LNG import facilities. The facilities to store LNG in the Project consist of onshore LNG storage tanks and offshore floating LNG storage units (FSU). In the Project, land grading started in April 2021 and construction started in December 2021. The operations started in June 2023. The project site faces Verde Island Passage and is located near Batangas Bay. The project site, which consists of a land area located on both sides of a public road and a sea area adjacent to it, has seawater intake and drainage ports on the coast to be used for LNG vaporization. In the land area, there are LNG tanks, regasification facilities, office buildings, and others. In the sea area, which extends from the coast bordering the land of the project site to the offshore area of the thermal power plants located on both sides, there are LNG FSUs, docking dolphins, and pipe bridges, and LNG carriers are to be moored when they arrive at the project site. The land area of the Project is leased to Linseed by the landowner, Ilijan Primeline Holdings Inc. (hereinafter “Primeline”) of the Republic of the Philippines. AGPIH and its group companies (hereinafter collectively referred to as “AGP”) have no capital relationship with Primeline and are not involved with its business. JBIC does not directly provide financing or equity investments for the Project. On the other hand, some of the investors in Linseed are subsidiaries of AGPIH, in which JBIC provided equity investments. AGPIH, a Singapore corporation, has its headquarters in the Philippines and is engaged in construction engineering business and LNG midstream and downstream business within and outside of the Philippines. AGP invested in Linseed in April 2022 and still maintains the investment in it to participate in the Project.