Nebula takes majority stake in AG&P LNG

US investment and asset management firm, Nebula Energy, has purchased a majority stake in AG&P LNG, a unit of Singapore-based AG&P.

According to a statement by AG&P, Nebula Energy is investing $300 million in AG&P LNG platform to fast-track LNG terminal development across emerging markets in South and Southeast Asia.

AG&P, which is part-owned by Osaka Gas, JBIC (the Japan Bank of International Cooperation), and Asiya, a publicly traded Kuwait fund, did not reveal the size of the stake but it appears that Nebula bought 80 percent in AG&P LNG.

With operational headquarters in the UAE, AG&P LNG will now operate as an independent subsidiary of Nebula with key offices in UAE, Singapore, India, Vietnam, and Indonesia.

Nebula’s chairman Peter Gibson has been appointed as chairman of AG&P LNG, Sam Abdalla as vice chairman while Karthik Sathyamoorthy will continue to remain the chief executive officer of the LNG firm.

Gibson said in the statement that this partnership comes at a time of a new cycle of LNG supply and growing demand for LNG in Asia markets where LNG is being increasingly recognized as the “critical fuel to profoundly reduce carbon emissions”.

“With AG&P LNG’s presence across high-growth geographies, we look forward to rapidly unlocking these demand-centers and facilitating reliable LNG supply sources to match the demand growth,” he said.

In addition, he said that Nebula is establishing a ship-owning company, Nebula Energy Shipping, where all marine assets will be owned and operated.

“This company will provide efficient and secure transportation services to support the expanding demand of our LNG business,” he said.

Six LNG terminals

AG&P LNG has a “substantial growth pipeline” with a total of six LNG terminals in development with proposed capacity of 25 mtpa across several international growth projects, according to the statement.

Of its LNG terminal project portfolio, AG&P LNG is the operator of the first LNG import and regasification terminal in the Philippines, called the Philippines LNG (PHLNG) import terminal located in Batangas Bay.

In May 2023, AG&P LNG commissioned the first import terminal in the Philippines following the arrival of the 137,500-cbm FSU Ish at the terminal’s jetty in Batangas Bay.

The LNG import facility features the converted FSU, which AG&P chartered from Adnoc for a period of up to 15 years.

According to the website of Florida-based Nebula, besides the PHLNG terminal the company is working on the 3 mtpa Karakai LNG import terminal in India and the 3 mtpa Cai Mep LNG terminal in Vietnam.

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