City Gas Pte Ltd, a business unit of CitySpring Infrastructure Trust, and Osaka Gas Co, Ltd. will explore the development of a joint venture company to retail natural gas to industrial users in Singapore. This exploratory process follows the signing of a non-binding Heads of Agreement between the two companies.
The joint-study involving technologists and professionals from Japan and Singapore is led by Mr Hiroshi Ozaki, President of Osaka Gas, and Mr Ng Yong Hwee, President and CEO of City Gas.
The Heads of Agreement has a validity till end-December 2012 after which a formal joint venture agreement will be entered into by City Gas and Osaka Gas if the proposed business and investment plan is found to be viable.
City Gas and Osaka Gas have a long-standing business relationship spanning over 30 years.