Tokyo Gas of Japan announced that the company has completed the acquisition of shares in T-Power N.V., a company that operates natural gas fired power station in Belgium.
On September 21, 2011, Tokyo Gas announced that it has signed a definitive agreement to purchase, via its subsidiary TG Europower, 26.66% interest in T-Power from Siemens Project Ventures and Tessenderlo Chemie. Following the satisfaction of closing conditions such as obtaining approval from the European Commission and other relevant approvals, the transaction has successfully reached closing today. This is the first time for Tokyo Gas to participate in power generation business in Europe.
This investment is a part of Tokyo Gas’ initiatives to establish LNG Value Chain in the overseas countries, which is one of the group’s key strategies under its long term vision toward 2020, “Challenge 2020 Vision”. Tokyo Gas intends to actively pursue the establishment of LNG Value Chain in the future, through acquisition of upstream interests and other initiatives, with an aim to increasing revenue for Tokyo Gas group, as well as to ensure the flexibility of fuel procurement for Japan and to contribute to the stable energy supply in the overseas countries.
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LNG World News Staff, June 21, 2012