Boreas Natural Gas (Boreas or the company) has announced that it has commenced operations providing products, services and customised turnkey solutions for the natural gas fuels market.
Founded by the industry veteran Cem Hacioglu, Boreas Natural Gas is the second natural gas fuels company Hacioglu has led after Applied LNG, where he was President and CEO from 2009 to 2015. Headquartered in Westlake Village, California, Boreas Natural Gas is the result of Hacioglu’s vision to create a self-sustaining natural gas fuels supply chain, which will make natural gas a permanent fixture in America’s energy infrastructure. “We will initially focus on the operational and service aspects of the value chain and opportunistically move into the production and distribution segments,” said Hacioglu.
In addition to sourcing LNG and CNG at competitive prices, Boreas will offer its customers a wide variety of service and development options, including the design, build-out, and operation of LNG plants and LNG/CNG fuelling stations, as well as fuel storage and dispensing infrastructure for permanent use and temporary special projects.
Boreas’ advisory and consulting services will include technical and operational evaluation of facilities and equipment, safety and regulatory compliance, and environmental credit programmes including credit generation, tracking and monetisation at state and federal levels.
“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,” remarked Hacioglu. “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,” added Hacioglu.
“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,” Hacioglu concluded.
Adapted from press release by Francesca Brindle
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