The Atlantic, Gulf & Pacific Company (AG&P) revealed it has made a major investment in South Korean LNG specialist GAS Entec.
The two companies will provide onshore and floating products for the distribution and use of LNG, such as LNG storage, regasification, LNG fuel bunkering, LNG-fueled power solutions, mooring structures and cold storage applications, AG&P said in its statement on Sunday.
Speaking of the partnership with GAS Entec, AG&P’s chairman, Jose P Leviste said the lower cost of LNG, coupled with new technologies, such as those developed by GAS Entec, have ushered a revolution in LNG applications which the partnership is looking to exploit.
According to Leviste, GAS Entec designed and developed solutions will be built at AG&P’s manufacturing facilities.
Kwak Chong-Ho, chief executive officer of GAS Entec added that the partnership 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.”
In addition, the two intend to “bridge the gap” in LNG distribution and application.
AG&P’s president Albert Altura, noted that the Philippines and Indonesia are “prime candidates for a wholesale switch from coal as a fuel for power to LNG, particularly as the landed cost of LNG is now roughly one-half of what it was just a few years ago.”