- U.S. heading for number three spot in global LNG exports
- PGAS to leverage shipping expertise to enter U.S. LNG export market
- PGAS operates crude oil tanker fleet in Mediterranean and West Africa
Now that the U.S. has copped the number one spot in global natural gas production, the country is moving quickly to join the frontrunners in global LNG exports. A feature in the Houston Chronicle (http://ibn.fm/fRFNn), citing U.S. Department of Energy data, ‘projects that LNG production capacity will quadruple by the end of 2019, making the (U.S.) the largest source of LNG after Qatar and Australia.’ Much of the exported LNG will leave the U.S. from Texas, where Petrogress, Inc. (OTC: PGAS) has widened its international footprint by establishing a subsidiary. The company plans to leverage its expertise in oil transportation and shipping, gained in the tough Mediterranean and West African markets, to gain a competitive advantage as the U.S. heads for global dominance in the natural gas market.
Through its Texas subsidiary, Petrogress Oil & Gas Energy Inc., PGAS is poised to capitalize on the seismic shifts transforming the natural gas industry in the U.S. Just a few years ago, the country was heavily reliant on imports of natural gas and was expected to remain that way for the near future. However, the shale revolution reversed that prospect, and the U.S. dispatched its first exports of LNG in February 2016 (http://ibn.fm/eqFPX), according to the American Petroleum Institute (API). Buoyed by growing exports to Mexico, the U.S. is currently the world’s largest natural gas producer, a position it took from Russia in 2009. This means that, since 2008, when output was 55 billion cubic feet per day (Bcf/d), U.S. natural gas production has increased by 32 percent, reaching 72.5 Bcf/d in 2016.
PGAS has set up a number of American business units to join the export extravaganza. Petrogress Oil & Gas Energy Inc., in Texas, will handle trading and logistics, while a sister subsidiary incorporated in Delaware, Navigas Carriers Inc., will manage natural gas activities. Through Navigas Carriers, PGAS plans to begin leasing LNG tankers to enter this lucrative LNG export market. To complement the shipping operations, Petrogress Oil & Gas Energy Inc. will actively seek opportunities in operating and developing natural gas production and transmission facilities, along with LNG processing, in the U.S. It will also explore opportunities for developing refinery operations in North and West Africa, and for the transport and sales of LNG in Europe.
From its international offices in Piraeus, Greece, PGAS will oversee its U.S. operations as well as its Mediterranean and West African businesses. For some time, the company has been successfully operating as a fully integrated international merchant of petroleum products, focusing on the supply and trade of light petroleum fuel oil (LPFO), refined oil products and other petrochemical products to local refineries in those regions.
As a holding company, PGAS provides its services through five wholly owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of its beneficially-owned affiliated tanker fleet, currently consisting of four vessels; Petrogress Int’l LLC, a holding company for subsidiaries currently conducting business in Cyprus and Ghana; Petrogress Oil & Gas Energy Inc.; and its U.S. export shipping unit, Navigas Carriers Inc.
For more information, visit the company’s website at www.PetrogressInc.com
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