Osaka Gas, JBIC invest US$100 M in AG&P


By Myrna M. Velasco

Two Japanese firms – Osaka Gas Co. Ltd. and Japan Bank for International Cooperation (JBIC) – have injected US$100 million equity investment into Manila-headquartered gas and engineering company AG&P.

In a statement to the media, AG&P noted that the capital infusion from the two Japanese investors warrant them “minority stake” in the company.

AG&P, which also has its production facility in Batangas, comprises of various investors including Kuwait’s Asiya Management Ltd., Anscor of the Soriano Group; and the Investment & Capital Corporation of the Philippines (ICCP) that roped in several rich Filipino families and businessmen.

For the fresh capital funneled by the Japanese investors, the firm indicated that it shall be used “to execute AG&P’s multiple LNG (liquefied natural gas) initiatives worldwide,” emphasizing key projects such as the “city gas distribution” venture it is rolling out in India.

In the company’s investment blueprints also include LNG applications and logistics, such as LNG delivery to end-to-end customers by different transportation options.

In tandem with its engineering company Gas Entec, AG&P is likewise strategically positioning to be a leader in the design, building, testing and commissioning of LNG bunkering vessels, floating storage and regasification as well as dual-fuel applications for ships and other vehicles.

With the entry of Osaka Gas and JBIC as equity holders in the company, AG&P Chairman Jose P. Leviste asserted “we have a great responsibility to work very hard for them and our other shareholders to continue to grow AG&P’s unique business model that capture a large portion of the LNG value chain after the molecule has been shipped.

He expounded that JBIC and Osaka Gas “are amazing institutions that possess tremendous expertise and experience in their respective fields.”