Gasol of UK Makes Senior Management Appointments

Gasol, the West African energy development company, provided the following strategy update and also announcef the appointment of David Shipway as Head of Upstream Gas Projects and Michael Kunz as Head of Power Project Development.

Strategy update

Gasol’s strategy is to develop its own gas reserves in the Gulf of Guinea and to supply this gas to power projects in West Africa. The Company is currently working to develop its projects and the necessary infrastructure in pursuit of this objective, in conjunction with its partners.

Until natural gas reserves become available, Gasol is working on plans that will secure availability of regasified LNG as an interim fuel supply to support current power generation requirements in the West African region.

Regasified LNG is used in Europe, the Middle East, China and Latin America as a cost effective means of delivering gas where pipeline gas is not available or shortages prevail. Gasol’s regasification orientated supply activities to the West African region are intended as a shorter term measure, which will allow for more cost effective and environmentally friendly gas-fired power generation until such time as they can be replaced with secure supplies of low-cost pipeline gas.

The interim supply measures will involve Gasol installing a Floating Storage and Regasification Unit in a port in the region and supplying regasified LNG from that vessel to pipelines for transmission to power hubs. In cases where it is a gas supplier to power projects, Gasol will also aim, in due course, to acquire minority equity positions in those power supply facilities.

Senior management appointments

In line with the Company’s revised strategy, Gasol has today announced the appointment of David Shipway as Head of Upstream Gas Projects and Michael Kunz as Head of Power Project Development, both of whom will report to the recently appointed Chief Operating Officer, Alan Buxton.

David Shipway worked for British Gas for 10 years, followed by three years with Duke Energy as Head of Trading and Marketing, before forming Galveston LNG in 2003. Galveston was backed by the Harvard University Fund and developed businesses in LNG re-gasification, liquefaction, trading, shipping and storage. David was instrumental in Galveston’s establishment of Kitimat LNG, a liquefaction project, to cater to the demand for exporting gas due to the huge quantities of LNG shale gas available in North America.

Dr. Michael Kunz has over 20 years’ experience in the power industry, where he has focused on the structuring and financing of independent power projects (IPPs) and other large infrastructure projects. Prior to joining Gasol, Michael served as General Counsel to two IPP developers, Rolls-Royce Power Ventures Ltd and Burmeister & Wain Scandinavian Contractor A/S. Before that, he was in private practice for 10 years with Dewey Ballantine (now Dewey & LeBoeuf). Michael holds a Bachelor of Science degree in finance and a Juris Doctor degree from Georgetown University.

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LNG World News Staff, May 9, 2012