Nebula Energy LLC is buying a majority stake in UAE-headquartered Atlantic, Gulf & Pacific (AG&P) LNG for $300 million (about Rs 2,300 crore), which will also give the Florida-based company a foothold in the Indian market.
AG&P LNG is a subsidiary of Singapore-headquartered AG&P Group, which has a presence in businesses spanning engineering, procurement and construction, city gas distribution, and LNG terminals.
The Group’s LNG terminal business was under a standalone unit where Nebula Energy will now own an 80% stake with AG&P Group holding the remainder. AG&P Group is owned by Osaka Gas, JBIC (the Japan Bank of International Cooperation), and Asiya, a publicly traded Kuwait fund.
The acquisition will allow Nebula Energy to expand its network and help meet AG&P LNG’s capital needs for expansion in South and Southeast Asia, according to the company.
Nebula Energy is an integrated investment, development, and asset management firm based in Florida. It is backed by Peter Gibson, founder, Mas Energy, and executive chairman and owner of Stellar Energy; Darren DeVore, managing partner, Broad Pine Investments, and Sam Abdalla, the company’s CEO.
“Nebula Energy is looking at ways to expand operations and thus we will be investing $300 million in AG&P LNG. We have raised capital through our investors which include private investment and family offices,” said Abdalla.
The company is also starting a ship-owning venture called Nebula Energy Shipping, which will own and operate all its marine assets. This company will provide transportation services to support the expanding LNG business.
Post the transaction, AG&P LNG will operate as an independent subsidiary of Nebula Energy with key offices in UAE, Singapore, India, Vietnam, and Indonesia.
AG&P is also developing a portfolio of LNG terminals and downstream projects to supply natural gas to both emerging and established markets.
“AG&P LNG was looking for the right capital source to support its project pipeline and someone with aligned interest to develop most of the opportunities jointly as a team,” said Karthik Sathyamoorthy, CEO, AG&P LNG.
AG&P LNG is developing a total of six LNG terminals with a proposed capacity of 25 MTPA across several international growth projects. 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.
Source: Economic Times