AG&P to invest in Korean firm GAS Entec
Philippine- based infrastructure solutions provider Atlantic, Gulf and Pacific Co. (AG&P) has invested in Korean firm GAS Entec for smalland mid-scale liquefied natural gas (LNG) solutions that will aid in the shift to cleaner power source, particularly in Indonesia and the Philippines.
AG&P said GAS Entec is a pioneering, Korea- based engineering and design firm dedicated to small-and midscale LNG applications.
Its equity investment in the Korean firm will provide a suite of onshore and floating products for the distribution and use of LNG, such as LNG storage, regasification, LNG fuel bunkering, LNG- fueled power solutions, next-generation mooring structures and cold storage applications.
AG&P chairman Jose Leviste said LNG costs have declined and the advent of new, affordable technologies, such as those developed by GAS Entec, have helped make LNG more affordable even to small players.
“No longer is LNG-fueled power the exclusive domain of the largest utilities. It is also 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,” he said.
With the partnership, GAS Entec CEO Kwak Chong-Ho said both companies will deliver the full design, engineering, construction and assembly, including the integration of sub-components such as cargo handling and control systems for various small- and- mid scale LNG vessels.
“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,” he said.
Leviste said standardized and tailored LNG products to be developed jointly by AG&P and GAS Entec would be available quickly and affordably as these will be built in its manufacturing facilities or locally at shipyards throughout the world.