Nebula Energy buys majority stake in AG&P LNG for $300mn

Nebula Energy, a US-based asset manager, has acquired a majority stake in LNG terminal developer AG&P LNG, a subsidiary of Singapore-based AG&P Group, for $300mn, AG&P said on January 31.

AG&P LNG, currently part-owned by Osaka Gas, JBIC (Japan Bank of International Cooperation), and Asiya, a publicly traded Kuwait fund, will become an independent subsidiary of Nebula Energy. It will have offices in UAE, Singapore, India, Vietnam, and Indonesia. 

Peter Gibson has been appointed as chairman, Sam Abdalla as vice chairman while Karthik Sathyamoorthy will continue to remain the CEO of AG&P LNG. 

“The new equity will accelerate the deployment of the LNG infrastructure ecosystem for downstream markets through bridging the need for cost-effective LNG supply solutions,” said Sathyamoorthy.

“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 recognised as the critical fuel to profoundly reduce carbon emissions,” added Gibson. 

Moreover, Nebula Energy is expanding its presence in the LNG sector by establishing Nebula Energy Shipping, a ship-owning company. This new entity will own and operate all marine assets, providing transportation services to support the expanding demand generated by Nebula Energy's LNG business.

AG&P LNG has a total of six LNG terminals under development, boasting a proposed capacity of 25mn tonnes/year. The company operates the first LNG import and regasification terminal in the Philippines, known as the Philippines LNG (PHLNG) import terminal, situated in Batangas Bay.