“We are humbled and privileged by the trust that both Osaka Gas and JBIC have placed in AG&P. These are amazing institutions that possess tremendous expertise and experience in their respective fields. We have a great responsibility to work very hard for them and our other shareholders to continue to grow AG&P’s unique business model that captures a large portion of the LNG value chain after the molecule has been shipped,” Dr. Jose P. Leviste Jr, Chairman AG&P, said.
Dr. Leviste continued: “AG&P and Gas Entec, working together, bring innovative, in-house engineering, project management, manufacturing, licensed LNG tank and handling system outfitting, construction, project development, customer marketing and operations management for LNG-related projects and for our modularization, site-work and other customers. We look forward to changing how the LNG industry works.”
Osaka Gas, the 114-year old, vertically integrated energy utility in Japan with revenues of $12 billion, is one of the world’s foremost gas utilities, supplying natural gas to ~5.5 million households and operating over 60,000km of pipeline, in addition to a wide-range of gas, power and renewable assets around the world, including in the US, Europe and Southeast Asia. Its investment in AG&P marks the next step in a long-term relationship where both parties have worked together to develop LNG infrastructure projects in South Asia, Southeast Asia and the Americas, among others.
“Osaka Gas has known AG&P since 2014. Since that time, we have come to admire AG&P’s unique ability to disrupt the natural gas value chain in areas such as city gas distribution, LNG import terminals, LNG bunkering, LNG engineering and advanced manufacturing. We strongly believe that this investment in AG&P will provide Osaka Gas with a valuable asset to create and develop new markets for Osaka Gas. AG&P’s single-minded focus in developing solutions with the end-customer in mind has been inspirational to our team,” said Mr. Katz Sato, Head of South and East Asia Business Development for Osaka Gas.
“In addition to providing growth capital, Osaka Gas will also work with AG&P in other areas, including technical support, such as providing technical collaboration for AG&P’s major city gas initiatives in India where AG&P is commencing its build-out of 12 concessions that cover many millions of people across a wide swathe of South India and Rajasthan. Given over 110 years of Osaka Gas’s heritage, we are extremely eager to see this clean energy made available quickly and safely to the citizens of India who live in these geographic areas,” said Mr. Katz Sato.
JBIC is an institution wholly owned by the Japanese government, with over JPY 16 trillion of debt, equity and guarantees extended in its global portfolio (as of March 31, 2019), intended to support Japanese industry and Japan’s strategic priorities. Its investment in AG&P was made, in line with its policy objectives, to support Osaka Gas’s ongoing collaboration with AG&P in expanding its overseas business.
“We have been impressed with AG&P’s talented management, especially in constructing an experienced team and bringing together capable players in their respective fields such as project management and construction, to carry out city gas distribution projects in India as well as LNG import terminal projects. We, alongside Osaka Gas, are excited to participate in the future of AG&P, and to continue our partnership with the AG&P team whom we have grown to admire over the course of our relationship,” said Mr. Hiroyuki Nakashima, Director General of the Equity Investment Department for JBIC.
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https://www.businesswire.com/news/home/52016252/enContactMedia Contacts for AG&P Cyrus Isles
Manager, Media and PR
Phone: +63 998 966 5836
cyrus.isles@agp.phSource : AGP International Holdings Pte. Ltd.
--BERNAMA
