The profile is currenly unclaimed by the seller. All information is provided by CB Insights.

Stage

Acquired | Acquired

About Vires Energy

Vires Energy is a gas company owned by Singaporean firm Argo Group. Vires Energy builds a floating liquefied natural gas (LNG) storage and regasification terminal in the country.On June 25th, 2020, Vires Energy was acquired by A Brown Company. The terms of the transaction were not disclosed.

Vires Energy Headquarter Location

Singapore

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Vires Energy News

‘LNG projects of Linseed,FGEN will take off this year’

May 15, 2022

FGEN will take off this year’ The country’s transition towards cleaner energy is already taking shape, with two capital-intensive gas projects already in ‘aggressive’ stages of development. There are six liquefied natural gas (LNG) projects that have secured the green light of the Department of Energy (DOE). These are FGEN LNG Corp.’s Interim FRSU and LNG terminal; Linseed Field Power Corp.’s FSRU and onshore regasification; Energy World Corp.’s (EWC) LNG storage and regasification terminal project, the FSRU LNG terminal of Excelerate Energy L.P., the FSRU terminal project of Shell Energy Philippines Inc. (SEP), and the FSRU terminal of Vires Energy Corp. Of the six LNG players, only two are expected to take off this year. “Two are ongoing and their developments are aggressive,” said DOE-Oil Industry Management Bureau Director Rino Abad. Abad was referring to the LNG projects of FGen and Linseed, with a combined investment cost of about $290 million or roughly P28 billion. According to Abad, there are no hitches in the progress of FGen’s project. “The scheduled commissioning is still end-October or beginning of November. There are no changes and it seems they can deliver the project. Last week, they informed us about the allocation of LNG. We already have some sort of assurance from First Gen because even the supply of LNG is already available.” FGen’s interim floating storage and regasification terminal in Batangas City will have a capacity of 5.26 million tons of LNG per annum (MTPA). This will provide the gas supply requirement for Sta. Rita, San Lorenzo, San Gabriel and Avion gas plants, and for the proposed 1,200MW of new natural gas power plants. Linseed, meanwhile, proposed to build an LNG import facility with a capacity of three MTPA that will supply LNG to the 1,200MW Ilijan combined cycle power plant, which is currently sourcing gas from the Malampaya gas field, the supply agreement for which is expiring next month. The terminal is also designed to supply gas to the 850MW power plant future expansion. Linseed’s LNG permit was originally issued to Atlantic Gulf & Pacific Company of Manila Inc. (AG&P). The DOE later approved the transfer of the project application to Linseed. Abad said AG&P remains the project contractor. Abad said Linseed has moved the commissioning of the terminal to August 1 from July 1. “We will conduct an actual site inspection on May 16,” he said. Linseed will operate the LNG terminal. South Premier Power Corp. (SPPC), a unit of SMC Global Power Holdings, Corp. and the independent power producer administrator (IPPA) for the Ilijan plant, will be in charge of the LNG trading. The LNG projects of SEP, Vires, and Excelerate are still pending. All three have secured a Notice to Proceed (NTP) from the DOE. According to Abad, Vires is asking for an extension of its permit because it wants to join the competitive bidding for the supply requirements of the Manila Electric Co. (Meralco). A guaranteed supply contract will make it easier for Vires to financially close its LNG project. Vires, which is controlled by A Brown Co. Inc., originally planned to start commercial operation of its proposed integrated LNG terminal project by January next year. “They need to seal a contract first before they can invest so that they proceed with the financial close,” Abad said. For SEP and EWC, Abad said the former is still working on securing other permits while the latter is expected to finish it during the next administration. Abad also mentioned that the permit of Tan-controlled Batangas Clean Energy Inc. has expired and was no longer renewed. “It’s not termination, but their NTP permit expired. This, however, is without prejudice for re-application,” said Abad.

  • What is Vires Energy's latest funding round?

    Vires Energy's latest funding round is Acquired.

  • Who are the investors of Vires Energy?

    Investors of Vires Energy include A Brown Company.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.