Okra Energy has acquired Cryogas, a Peruvian company specialising in the transportation and storage of liquefied natural gas (LNG), as well as the installation of satellite regasification plants.
By warming LNG back to its gaseous state, satellite regasification plants enable the delivery of natural gas energy to industries and consumers without access to pipeline infrastructure.
As a subsidiary of Okra Energy, Cryogas will administer all aspects of LNG distribution, logistics and equipment maintenance in Peru.
Louis Ravenet, CEO of Okra Energy, said, “The purchase of Cryogas is key to our vertical solution for localised, off-grid energy delivery.” He continued, “Acquiring Cryogas ensures that Okra Energy can safely and efficiently transport and regasify LNG throughout Peru.”
“I am especially excited to work with Rafael Francolino, who brings a proven track record of managing LNG operations. Acquiring Cryogas establishes Okra as a leading source of LNG in Peru, and throughout the greater South American region,” Ravenet added.
Cryogas’s Chilean affiliate Gas-Stream, also founded by Francolino, was recently acquired by the world’s largest independent electricity generator, ENGIE.