BP buys stake in Gasrec

UK-based energy giant BP has acquired a 28.57 percent stake in compatriot bio-LNG and bio-CNG supplier Gasrec.

According to a joint statement on Thursday, BP would supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food and dairy manure.

The investment would expand BP’s UK footprint in renewable gas production and distribution, adding to its “market leading” position in the US, the statement said.

“Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonization of the heavy-freight industry and is another example of how we’re helping decarbonize hard-to-abate sectors,” Carol Howle, EVP trading and shipping at BP, said.

Gasrec’s network of ten biomethane refueling stations across the UK is capable of refueling about 1,250 vehicles per day and includes one of Europe’s largest gas refueling stations, at Daventry International Rail Freight Terminal (DIRFT).

Also, with a “strong” market position, refueling around 40 percent of the UK’s gas-powered HGVs, Gasrec is seeking to expand its network of refueling stations at logistics parks.

“This agreement is an important milestone for our company as we look to continue increasing our impact on the UK’s heavy goods vehicle industry,” Rob Wood, CEO of Gasrec, said.

“Building on our eighteen years’ experience and leading position in the HGV gas supply industry, we are excited to be working with BP to help expand our reach,” he said.

The firms did not reveal the financial details of the deal.

Most Popular

Woodside terminates Commonwealth LNG SPA

Australian LNG player Woodside has terminated its two LNG sale and purchase agreements with US LNG terminal developer Commonwealth LNG.

Energy Transfer seals Lake Charles LNG supply deals

Texas-based Energy Transfer has signed new supply deals for its planned Lake Charles LNG export facility in Louisiana as it works to take a final investment decision by the end of this year, according to its management.

Thailand in Alaska LNG talks

Thailand's PTT and Egco will engage in further discussions to potentially participate in the development and buy volumes from the planned Alaska LNG project, according to Thailand's Ministry of Energy.

More News Like This

Oceaneering clinches GTA gig

Houston-based Oceaneering International has secured a multi-year contract from a unit of UK-based energy giant BP to provide services in the Greater Tortue Ahmeyim field, located offshore Mauritania and Senegal.

BP, partners to ship second Tortue LNG cargo

UK-based energy giant BP and its partners are loading the second liquefied natural gas (LNG) cargo produced at the Greater Tortue Ahmeyim FLNG project, located offshore Mauritania and Senegal, according to US-based Kosmos Energy.

BP to supply feed gas to Woodside’s Louisiana LNG

UK-based energy giant BP has agreed to supply feed gas to Woodside's three-train, 16.5 mtpa Louisiana LNG export project.

BP’s profit down in Q1

UK-based energy giant and LNG player BP reported a 49 percent drop in its quarterly profit compared to last year.