Boreas Natural Gas has announced that it has officially commenced operations. The company will provide products, services and customised turnkey solutions for the natural gas fuels market. It was founded by Cem Hacioglu, who previously served as President and CEO of Applied LNG from 2009 to 2015. The new company will be headquartered in Westlake Village, California, US.
Hacioglu said: “We will initially focus on the operational and service aspects of the value chain and opportunistically move into the production and distribution segments.”
Boreas will look to source LNG and CNG at competitive prices, but will also look to cover a number of different service and development options. These will include fuel storage and dispensing infrastructure for both permanent and temporary projects, as well the design, build-out and operation of LNG plants and LNG and CNG fuelling stations. The company will also provide consulting and advisory services, including both technical and operational evaluations and analyses of equipment and facilities, safety, regulatory compliance, environmental credit programme, tracking and monetisation at both state and federal level.
Hacioglu added: “I feel very excited to set sail on this new venture with a group of talented professionals and experienced advisors who have achieved a great deal of success in the industry and genuinely share my vision for the future of the natural gas fuels market. This is the perfect time to invest in this industry where asset valuations are significantly reduced in response to low oil prices, creating tremendous buying opportunities for players with patient capital and longer term strategic vision.
“Despite the narrowing of the spread between oil and natural gas prices, both the installed customer base and potential entrants are clamouring for customised, turnkey solutions to help them switch to clean burning natural gas in order to create economically sound and environmentally sustainable organisations.
“With our best-in-business technical talent, diversified and balanced revenue model, and highly scalable cost structure, Boreas Natural Gas is poised to take advantage of these opportunities and become a significant player in the natural gas fuels and services market. We intend to achieve this goal through organic growth as well as by consolidating sub-optimally managed companies and underutilised assets on a single platform.”
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/14072016/boreas-natural-gas-commences-operations-2752/