Japan’s Osaka Gas and Japan Bank for International Cooperation (JBIC) have invested USD 100 million in an LNG import terminal company.
Namely, the parties invested in a minority stake in the Philippine-based LNG terminals and floating solutions provider AGP International Holdings.
The funds would be invested in AG&P’s city gas distribution and LNG import terminals in countries such as India.
The capital would go into setting up “small and medium-scale LNG import terminals, such as AG&P’s pending terminals in Karaikal… that will provide the vital link to bring commercially attractive, convenient and safe gas to population centres that today rely on dirtier and more expensive fuels.”
“AG&P is aggressively developing LNG and gas related projects in LNG emerging markets including the ones in Southeast Asia,” the company said.
Osaka Gas intends to gain a foothold and further expand its overseas business by participating in new LNG terminal and city gas projects in South Asia and other regions. The investment by JBIC supports overseas business deployment of Osaka Gas and contributes to Japanese industry in maintaining and enhancing its international competitiveness, the parties said.