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AFX Asia (Focus): Philippines' First Gas, Malampaya Group still in talks to settle gas dispute

Feb 07, 2006
MANILA (AFX) – First Gen Corp said unit First Gas Power Corp and the Malampaya Gas consortium are still negotiating a settlement of their dispute over contracted but unused natural gas from the Malampaya gas field in the western Philippines.
First Gen said so in response to a newspaper article that reported that the parties have concluded a 148 mln-usd settlement agreement.
“Please be advised that the Malampaya Gas consortium, led by Shell Philippines Exploration BV and First Gas, are still in the process of negotiating a final resolution,” First Gen told the stock exchange in a disclosure.
Apart from the Shell unit, the Malampaya Gas consortium comprises Chevron Texaco and Philippine National Oil Co.
First Gas supplies electricity to affiliate Manila Electric Co, the country's largest electricity distributor.
(1 usd = 51.62 pesos)
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