Philippines-based AG&P, a global infrastructure energy and natural resource solutions company, is to invest an undisclosed ‘major’ amount in Korea-based engineering and design firm GAS Entec, a pioneering company dedicated to small- and mid-scale LNG applications. The companies seek to take a leading role in innovative applications for LNG, including LNG fuel bunkering.Founded by Mr. C.H. Kwak and Mr. S.R. Choi, long-time partners and innovators in the LNG application field, GAS Entec boasts successful case studies in the use of LNG. The company engineered critical systems in the first LNG bunker vessel ever built in North America that will serve the port of Jacksonville, Florida.
AG&P’s Chairman, Mr. Jose P Leviste (Jr.), said, “The dramatically lower cost of LNG, coupled with the advent of new, affordable technologies such as those developed by GAS Entec have fostered a revolution in LNG applications.” He said LNG-fueled power is “now available to a generation of innovative developers, power companies, ship owners, fishing fleets and others in a way that LNG has not been before. We are seeing the democratization of LNG. Therefore, this equity partnership between AG&P and GAS Entec will contribute strongly to pushing the boundaries of this new, revolutionary industry.”
Mr. Kwak Chong-Ho, Chief Executive Officer of GAS Entec said. “Operating as an integrated, one-stop-shop, we will bridge the critical gap in LNG distribution and its applications globally. We remain an engineering company that can work with any customer, but the partnership with AG&P allows certainty, speed and commercially reasonable terms for our customers.”
Mr. Albert Altura, President, AG&P, added: “With GAS Entec, AG&P has built a strong practice focused on the use of LNG for power, fuel bunkering and industrial applications. There is an immediate demand for these solutions ranging from AG&P’s home market of the Philippines and neighbouring Indonesia, to North America, Europe and South Asia where companies are looking to distribute LNG to new applications on coasts, up rivers and inland. AG&P and GAS Entec can design and build out virtually all aspects of small- and mid-scale LNG distribution and use.”