2026-10-09
- Tokyo Gas announced on October 8, 2026, that Tokyo Gas Asia acquired all shares of PT AGP Indonesia Utama (AGPIU), an Indonesian LNG (Liquefied Natural Gas) infrastructure company.
- With PT PLN Energi Primer Indonesia (PLN EPI) and shipping company PT Suasa Benua Sukses (SBS), it will develop offshore and onshore LNG infrastructure at six locations in Sulawesi and the Maluku Islands to supply PLN Group power plants.
- Small LNG carriers will distribute the fuel, replacing imported diesel with domestic LNG.
- The purchase price, capacities and schedule were not disclosed, and Tokyo Gas is joining the project’s development study.
Tokyo Gas said on October 8, 2026, that its subsidiary Tokyo Gas Asia has acquired all shares of PT AGP Indonesia Utama, an Indonesian developer of LNG infrastructure. AGPIU has been working with PLN Energi Primer Indonesia, the fuel-procurement arm of state utility PLN, and shipping company Suasa Benua Sukses to build offshore and onshore LNG facilities at six locations in Sulawesi and the Maluku Islands, so that PLN Group power plants can switch from imported diesel to LNG. Tokyo Gas is taking part in the project’s development study, and its president said the island-to-island supply model could be applied to other parts of Indonesia.
According to reports, the buyer is Tokyo Gas Asia, the Asian subsidiary of Tokyo Gas, and the target is PT AGP Indonesia Utama (AGPIU). Tokyo Gas President Shinichi Sasayama said Tokyo Gas Asia acquired all of AGPIU’s shares. The price was not disclosed.
The business is a collaboration among AGPIU, PLN EPI and SBS to develop offshore and onshore LNG infrastructure at six sites in Sulawesi and the Maluku Islands and to supply LNG to power plants operated by the PLN Group. Fuel will be distributed by small LNG carriers. The names of the six sites were not given in the reports.
The stated purposes are to replace imported diesel with domestic LNG to cut carbon emissions, to reduce dependence on imported fuel, and to lower fuel costs at power plants. The regions were chosen because population growth and electricity demand are projected to keep rising.
Tokyo Gas said the project fits its Compass2030 management vision, which prioritizes transforming the LNG value chain, and that it plans to expand LNG infrastructure across Asia and support a shift toward a low-carbon society. Mr. Sasayama said the model could be applied in many parts of Indonesia, a country with many islands.
- Stake acquired: all shares of AGPIU (100%)
- Acquirer: Tokyo Gas, through Tokyo Gas Asia
- Project area: six locations in Sulawesi and the Maluku Islands
- Partners: PLN EPI and SBS
- Customers: power plants operated by the PLN Group
- Supply method: distribution by small LNG carriers between islands
- Purchase price, facility capacities and start-up schedule: not disclosed in the announcement
For reference, reports dated March 27, 2024, said AGPIU won a 20-year contract from PLN EPI to co-develop, own and operate LNG import and logistics infrastructure in the Sulawesi-Maluku cluster. Those reports mentioned seven locations, seven PLN dual-fuel power plants with a combined capacity of 1,510 MW, regasification capacity of 2.3 million tonnes per year, one converted FSRU (Floating Storage and Regasification Unit), a 23,000 cubic metre small-scale LNG carrier, supply from train three of BP’s Tangguh LNG facility, and a take-or-pay structure. The Tokyo Gas announcement refers to six locations, so the project configuration may have changed since then, but the details of any change were not confirmed.
Timeline
- 2024-03-27 — AGPIU, a unit of AG&P LNG, reported to have won a 20-year LNG infrastructure contract from PLN EPI for Sulawesi-Maluku
- 2026-10-08 — Tokyo Gas announces acquisition of all AGPIU shares
Note
An FSRU (Floating Storage and Regasification Unit) stores LNG and regasifies it for supply onshore. Take-or-pay is a contract type in which the buyer pays for a fixed volume regardless of actual use.