PHILIPPINES-based AG&P (Atlantic, Gulf and Pacific Company) has announced a major investment in GAS Entec, a pioneering, Korea-based engineering and design firm dedicated to small- and mid-scale LNG applications.
Together, AG&P and GAS Entec 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.
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 has designed and built a Floating Regasification Unit (FRU) operating successfully in Bali, Indonesia.
In addition, GAS Entec engineered critical systems in the first LNG bunker vessel ever built in North America that will serve the port of Jacksonville, Florida.
LNG scene changing
“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,” AG&P’s chairman, Jose P Mr. Leviste continued: “
“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 democratisation of LNG. Therefore, this equity partnership between AG&P and GAS Entec will contribute strongly to pushing the boundaries of this new, revolutionary industry.”
“Built in AG&P’s modern manufacturing facilities or locally at shipyards throughout the world, the standardised and tailored products that AG&P and GAS Entec develop are available quickly and affordably.
“We are very excited to bring together AG&P’s construction, operations and maintenance expertise with the experience and great brain trust that exists within GAS Entec,” Mr Leviste said.
Kwak Chong-Ho, CEO of GAS Entec said the partnership with AG&P would allow for certainty, speed and commercially reasonable terms for its customers.