Global gas and LNG logistics firm Atlantic Gulf & Pacific (AG&P) LNG said that US-based investment firm Nebula Energy will buy a majority stake in the company.
This amounts to around a $300mn investment, it said. AG&P LNG, previously a fully-owned subsidiary of AG&P Group, is a downstream LNG infrastructure provider. AG&P LNG has six LNG terminals in development with a proposed capacity of 25mn t/yr across several international projects.
Nebula Energy's investment in the company could accelerate the development of LNG infrastructure in south and southeast Asia, which are emerging LNG demand regions whose growth is often curtailed by financial hurdles.
The company's business focus has been on building modular LNG infrastructure, providing a lower cost and faster alternative to land-based regasification terminals. These services could underpin some support for the extremely price-sensitive south and southeast Asian regions as growing LNG demand hubs, although any growth is more likely to be gradual.
AG&P LNG is the operator of the Philippines LNG (PHLNG) import terminal in Batangas Bay, the first LNG import and regasification terminal in the Philippines. The Philippines imported 567,717t of LNG in 2023 against none in 2022, according to customs data. The country received its first LNG delivery to the PHLNG terminal in April 2023.
Vietnam is investing heavily in LNG infrastructure as part of its plan to phase out coal-fired power generation by 2050. The country's 1mn t/yr Thi Vai LNG import terminal is to start supplying downstream industrial users from this year's second quarter, state-owned terminal operator PetroVietnam Gas said. Thi Vai opened in mid-2023 and is Vietnam's first LNG import terminal.
