8 December 2016Four Seasons Hotel Singapore

A partnership of

FT-IFC ENERGY INFRASTRUCTURE SERIESProspects for Gas-to-Power in Asia

SUMMARY REPORT

AGENDA

12:30 Registration, Light Refreshments

13:30 Opening Remarks from the FT Chair

Andrew Ward, Energy Editor, Financial Times

13:35 Scene-Setter: The Changing Value Proposition of Natural Gas as a Source of Power

Emerging market governments face critical choices as they strive to meet their growing energy needs and address climate change. Rapidly evolving technology costs and availability adds new complexity to these choices with long-term economic implications. Natural gas, with its potential to provide clean-burning and flexible baseload power that complements renewable energy, has an important role to play in this changing context.

Bernard Sheahan, Global Director of Infrastructure and Natural Resources, IFC

IN CONVERSATION WITH Andrew Ward, Energy Editor, Financial Times

14:15 The Role of Gas in Asia’s Power Mix: Opportunities for Scale-Up Across the Region

Coal is inexpensive and abundant in Asia, and many countries plan to build new coal-fired power plants to meet increasing demand for electricity. But natural gas is about half as carbon intensive as coal and the growth of liquefied natural gas (LNG) markets and Floating Storage Regasification Units (FSRUs) have made it increasingly accessible across the region. This kind of market development as well as trade using gas pipelines and electricity transmission lines is allowing Asian countries to take advantage of both indigenous gas resources and global markets more readily and at lower economic cost.

For discussion:• To what extent can natural gas displace coal as a power source in Asia? What are the market prospects in a higher-price scenario for gas? • Where are the market opportunities greatest for gas-fired power? • How are international trade dynamics influencing natural gas and LNG markets?

PANELLISTSKarthik Sathyamoorthy, President, Galway Group John Sattar, Senior Natural Gas & LNG Consultant, Poten & PartnersMario Savastano, Executive Vice President, Business Development, ENGIE Asia-PacificKerry Anne Shanks, Head of APAC Gas and LNG Research, Wood Mackenzie

MODERATORLance Crist, Global Head of Natural Resources, IFC

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15:00 Networking Coffee Break

15:15 Country Perspectives: Transformations from Natural Gas Development and LNG Imports

PANELLISTSErramon Aboitiz, CEO, Aboitiz Power Muhammed Aziz Khan, Chairman, Summit Group

MODERATORAndrew Ward, Energy Editor, Financial Times

16:00 Insights from Developers: Realities of Developing Gas-to-Power in Asia

Readily available natural gas could reduce the attractiveness of coal for many Asian countries. But a number of hurdles will need to be cleared to make this transition possible, including market reforms and increased energy infrastructure investment.

For discussion:• What market reforms are needed to support the quick deployment of gas as a power source? • What are the key bottlenecks, and where is additional energy infrastructure investment required to unlock development of this market, and where are financing needs most critical?• What obstacles are developers encountering in Asia’s gas-to-power space?

PANELLISTSAne de Ariño, Director, Business Development, Asia, India & North Africa, Gas Natural Fenosa Group James MacTaggart, General Manager Developing Gas Markets Asia, India and MENA, Shell TradingTan Cheng Guan, EVP and Head, Group Business Development and Commercial, SembcorpKarlman Tham, General Manager, Business Development Asia, Excelerate Energy

MODERATORLubomir Varbanov, Head of New Business, Infrastructure and Natural Resources, Asia Pacific, IFC

17:00 Closing Remarks from the FT Chair

Andrew Ward, Energy Editor, Financial Times

17:15 Close of Forum, Drinks Reception

This event was held under Chatham House rule.

As Asian governments strive to meet their growing electricity generation needs, they face critical fuel choices. Low-cost and abundant coal retains appeal but concerns are growing in the region about its air pollution and climate effects. Natural gas, with its potential to provide clean-burning and flexible baseload power that complements renewable energy, has an important role to play in this context. Unlocking the potential of gas-to-power in Asia is a significant opportunity that will require investment in upstream development, pipelines, LNG infrastructure and storage.

The FT-IFC Energy Infrastructure Forum: Prospects for Gas-to-Power in Asia – held on 8 December 2016 in Singapore – brought together 70 + regional industry leaders, utility operators, project developers, regulators, institutional investors, and infrastructure financiers to explore and discuss the opportunities in gas development across Asia, drawing

from global trends and market dynamics.

Bernard Sheahan, IFC Global Director of Infrastructure and Natural Resources opened proceedings by providing a global view on energy transition and the role of gas in the energy sector, highlighting how renewables have rapidly evolved. In the past five years, wind prices have dropped by 50%, and solar prices by 90%. A significant number of countries are using auctions to develop capacity within renewables, seen as a cheaper alternative to the associated costs of building new coal plants. Technology has also been a critical factor in driving costs down. Mr Sheahan suggested that the gas sector has changed dramatically since 2010, from the decline in prices to the explosion in supply, and greater availability. Fifteen years ago at most ten countries were importing natural gas, now the number is mid-thirties, expected to be mid-fifties by the end of the decade. What does this mean for key stakeholders? With such a pace of change

SUMMARY REPORT

it makes it difficult for countries, regulators and policymakers to develop their strategy and source their energy. It is only countries that have moved to use gas or those that have introduced renewables auctions that are benefiting.

The pace of change that has been seen is nothing like what will be experienced in the future. It is likely that a number of countries will adopt renewables.

The role of gas in Asia will continue to grow in importance. Different uses of gas, and a prolonged period of low gas prices has highlighted the global volatility of prices relative to alternatives. Governments are likely to now put in place the kind of policies which facilitate gas imports.

What has been holding gas back? Whilst progress has been slow, global policy changes – often large and momentous – have altered the market dynamics. Not long ago countries looking

to import gas were looking at investments in the order of $5+ million dollars to build capacity, involving huge time and contract commitments. Now costs are a tenth of what they used to be in setting up a Floating Storage Regasification Unit (FSRU). It has been a few years since the effects of a much greater supply in the US has created a period of low prices. By 2020-2022 one is likely to see a different supply and demand scenario. Gas become the second largest traded commodity after oil last year. It is difficult to predict the exact time when the market will become tradeable gas on gas, rather than on an indexation with oil, and how the decoupling will continue.

Beyond pricing, gas uptake will likely be driven by environmental policy. Within Asia, local health effects, worsening climate conditions, as well as the disappointment over unachieved COP 21 objectives will increase political pressures. When political pressures increase, whether through

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carbon taxes or other coal regulations, this can result in the decommissioning of coal fired plants and a push to build more gas plants.

Coal is both cheap and abundant in Asia and gas has not been as successful in penetrating the market, largely due to the cost escalation in Liquefied Natural Gas (LNG), which has led to 10-20 billion dollar projects and financiers wanting to see long-term ROI. Twenty year volumes locked up to Japan, Taiwan and Korea is making it difficult for developing Asia to break into the market. According to one of the participants, the dynamics of coal competing with LNG is “quite tricky” in the region at present, due to contracting structures. In Asia, users pay for energy based on contracts. In order for LNG to start competing with coal, there needs to be further market flexibility. Another highlighted that “coal has denied gas a baseload – if one considers the basic statistics on energy consumption in

electricity, there is a massive build-out in coal in the Philippines, Thailand, Malaysia and Indonesia. One needs to consider that the baseload accounts for 80% of energy demand and power, leaving 20% for gas and a very expensive LNG chain.” Another panellist stated that coal will remain a solid proposition within Asia. Governments are actively working to find a position for gas in the electricity mix and setting targets to get it in the mix within power generation.

Buyers and sellers are going to have to behave more flexibly. What is critical for the financiers of LNG projects are the structures and what they will demand of an LNG project. A panellist suggested that LNG projects need twenty year contracts to underpin them, whereas this does not apply for other commodities. LNG is capital intensive, but the market is growing and offering more flexibility.

SUMMARY REPORT

The Philippines MarketThe Philippines has many different power assets: coal, oil, hydro, geothermal and solar, but no gas. A capacity of 38% in renewables is expected to go down in the next few years, as new coal capacity comes in. One of the challenges for the Philippines market is the availability of energy and the competitiveness of the power sector. The Philippines is one of most expensive countries for power, in light of the withdrawal of government fuel subsidies. In the local market, it is expected that there will be an oversupply of coal.

Terminals and Floating Storage Regasification Units (FSRUs) are continually being looked at, but the challenge is how gas plants will be dispatched and when signing contracts for gas, what assurances are required for minimum volumes. In order to ensure gas generation, it was concluded that there was a need for better transparency on the actual supply of the current Malampia

gas field and government intervention highlighting its benefits. The Bangladesh MarketBangladesh has its own indigenous natural gas until now. The Government of Bangladesh has been moving towards coal, as natural gas depletes. As demand is growing by 10-12% per year for primary energy, the government has been trying to plug this gap with coal, given the drop in the price of fossil fuels. This provides a window of opportunity for LNG – a fast and easy solution would be Floating Storage Regasification Units (FSRUs). This is an opportune time for an FSRU project, as LNG prices, FSRU pricing and costs have come down substantially. The biggest challenge in financing in the emerging countries is not the availability of funds, but project tenure. With an FSRU, implementation times can be significantly reduced more significantly than for a conventional land based terminal – which can take around five years – as there was

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a shortage of deep sea ports. An FSRU can be implemented within 22 months and is cheaper than a land based solution.

The environment is a key issue for the country, but the challenge as an energy generator would be how does one generate electricity and what is the primary fuel? Although no established policy framework is in place for LNG, there has been progress made by the government. They were one of the first emerging economies to sign up to get internationally purchased LNG.

The panel concluded that there is a positive outlook for gas in Bangladesh and a challenging future for the Philippines.

Gas to Power in AsiaOne of the panellists suggested that there are two important factors which would increase gas penetration within the Asian power mix; firstly having the right regulatory environment which is conducive for decision-makers to make long-term

decisions, and secondly, ensuring that these investments of ten, fifteen and twenty years fit within the regulatory framework. If governments can get the support from the World Bank and IFC, it will open up the market further, which would increase investment and investor appetite. Another agreed that “fewer policies and a regulatory structure in countries is crucial in encouraging infrastructure development”.

Long-term investment is still being viewed in upstream, liquidification, power plants, pipelines and onshore terminals, whilst funding for coal fired power generation is and will become increasingly difficult. One panellist mentioned that, “the general recognition that people want a better and healthier future for themselves and their children will drive coal to lower levels, not just the scarcity of finance”.

SUMMARY REPORT

There is an opportunity for gas in the Asian power mix as a solution for pollution issues which improve living standards. Social and economic development in the region means that countries are viewing health and environmental issues as top priority ahead of employment and education.

Carbon is increasingly being viewed as a health, rather than a climate issue. One of the panellists discussed their organisation’s view on the energy challenge; whilst there is a need to double the consumption of energy, it needs to achieve this by reducing CO2 emissions and reducing pollutants. The key sources of pollutants are viewed as coal fired generation plants and transportation. Renewables and gas provide solutions both on the transportation, as well as the generation side.

In conclusion, the panel were convinced that there are great opportunities for gas in the Asian power mix; however economics, finance, policy, regulation and infrastructure, as well as social pressure, will influence the pace of change in the region.

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Andrew WardEnergy EditorFinancial Times

Andrew Ward became the FT’s Energy Editor in June 2016. Prior to this, Mr Ward was the FT’s Pharmaceuticals Correspondent where he covered the business, politics, science and development aspects of the global pharmaceuticals industry. Previously, he was the UK News Editor and had served the FT in a number of foreign reporting roles. He was the Nordic Bureau Chief

for two years where he was responsible for coverage of eight countries – Sweden, Norway, Finland, Iceland, Denmark and the three Baltic states of Latvia, Estonia and Lithuania. Mr Ward has also been the White House Correspondent, during which he covered the Bush administration and the 2008 presidential election campaign. Before moving to Washington, he spent three years covering business and politics in the Southeast US as Atlanta Correspondent. Between 2001 and 2004, he served as Seoul Correspondent, reporting on North and South Korea. Mr Ward joined the FT in 1999 as a graduate trainee in London and was appointed Media Correspondent in 2000. He received his BA in Politics and Modern History from the University of Manchester, UK.

Bernard SheahanGlobal Director of Infrastructure and Natural ResourcesIFC

Bernard Sheahan is Global Director of Infrastructure and Natural Resources at IFC, the largest global development institution focused exclusively on the private sector. He is responsible for IFC’s investments in power, transport, utilities, and extractive industries. Mr Sheahan joined IFC in 1986, and has previously served as Director of IFC’s Infrastructure Advisory Department and IFC’s

Director of Strategy. He holds a Bachelor’s degree from Dartmouth College and an MBA from Harvard University.

HOSTS

BIOGRAPHIES

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SPEAKERS

Erramon AboitizCEOAboitiz Power

Erramon Aboitiz is the President and Chief Executive Officer of Aboitiz Equity Ventures, and holds the same position for Aboitiz & Company Inc. He is also the Chief Executive Officer of Aboitiz Power Corporation. He holds senior positions, to include Chairman of the following companies: Aboitiz Renewables, Inc; Therma Power, Inc; SN Aboitiz Power; Subic EnerZone Corp; San Fernando Electric

Light and Power Co; Aboitiz Foundation, Inc and Aboitiz Land, Inc. In addition, Mr Aboitiz is Director of Union Bank of the Philippines, Pilmico Foods Corp, Davao Light & Power Co, Cotabato Light and Power Co and Philippine Disaster Resilience Foundation, Inc. Mr Aboitiz received a Bachelor of Science degree in Business Administration, majoring in Accounting and Finance from Gonzaga University, Spokane, USA.

Lance CristGlobal Head of Natural ResourcesIFC

Lance Crist is Global Head of Natural Resources for IFC, the private sector arm of the World Bank Group. Mr Crist leads IFC’s financing and advisory services teams responsible for supporting the oil, gas & mining sectors. IFC’s $3bn investment portfolio in these sectors includes about 70 energy & natural resource companies in over 35 countries across the emerging markets. IFC’s financing includes

investments in equity, mezzanine and senior debt; and the advisory services team provides support across a range of areas to assist clients in enhancing their sustainability. Mr Crist is also a member of the EMPEA Private Equity Energy Council. He joined IFC in 1992 and has managed advisory mandates, project and corporate finance, and private equity transactions in the areas of general manufacturing and telecommunications. He earned a BA from Cornell University, and an MBA from the Wharton School.

BIOGRAPHIES

Ane de AriñoDirector, Business Development, Asia, India & North AfricaGas Natural Fenosa Group

Ane de Ariño is Director, Business Development, Asia, India & North Africa for Gas Natural Fenosa Group, a position she has held since 2014. In this role, she is responsible for the origination and development of new business opportunities in North Africa, India and the Asia Pacific region. Prior to this, from 2007 to 2013, she was responsible of the Strategy and Commercial Optimisation

at Stream, Repsol & Gas Natural’s joint venture for their joint management of LNG. In 2001 she joined Gas Natural SDG, where she was involved in the restructuring of the International Division’s portfolio, and in leading the European expansion project. From 1999 to 2001, Ms de Ariño worked in the Gas & Power department of Repsol’s Supply and Trading Division, with responsibilities for Gas Supply & Logistics. She began her career at Repsol in this division, specialising in trading and shipping optimisation. Ms de Ariño graduated with a degree in Economics in 1991, and in 2001 she took a MDP at IESE Business School.

SPEAKERS

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Muhammed Aziz KhanChairmanSummit Group

Muhammed Aziz Khan is the founder of Summit Corporation and Summit Holdings Ltd. Summit Group is the largest infrastructure group in Bangladesh and employs over 7000 people with assets of about US$3bn. Under Mr Khan’s leadership, Summit has invested in a plethora of infrastructure sectors including energy, ports, IT, shipping and hospitality. Summit Power, a subsidiary of Summit

Group, generates 1500 megawatts of electricity and is Bangladesh’s largest private sector power producer. Summit, through its subsidiaries, also set up the country’s first private off-dock port facilities, largest in the private sector and is also the first company to lay nationwide fibre optic telecommunication transmission network. A number of Summit Corporation’s subsidiaries are listed in the Dhaka and Chittagong Stock Exchanges with a market capitalisation of US$1.2bn. Mr Khan is also the Chairman of Summit Asia Pacific Pte. Ltd. and Power International Pte. Ltd. Both companies are incorporated in Singapore with the goal to expand Summit’s investments and activities in the Asia Pacific region.

BIOGRAPHIES

SPEAKERS

James MacTaggartGeneral Manager Developing Gas Markets Asia, India and MENAShell Trading

James MacTaggart is the General Manager Developing Gas Markets Asia, India and MENA in Shell’s global Gas and Energy Marketing & Trading business, headquartered in Singapore. Mr MacTaggart is accountable for Liquefied Natural Gas (LNG) regasification terminal developments, small scale LNG market development, and growth of the natural gas markets behind LNG regas terminals, for Middle

East, India and Asia Pacific markets. He has been working in the gas and LNG commercial business for over 20 years, across a diverse geography, and both inside and outside of Shell. Prior to his current role as General Manager New Markets, he has held a number of roles including; Team Lead Supply Asia Pacific for Shell Trading in Singapore, Lead Negotiator for Shell Trading in Dubai, Commercial Manager for Persian LNG in Tehran and Deputy General Manager in Sakhalin LNG Marketing Services in Tokyo. Mr MacTaggart has a MBA with Distinction from Cass Business School (City of London) and an honours degree in classical and modern Chinese from the School of Oriental and African Studies, University of London.

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Karthik Sathyamoorthy PresidentGalway Group

Karthik Sathyamoorthy is the President at Galway Group and has the overall responsibility for Galway’s operations globally. Before joining Galway Singapore in 2011, Mr Sathyamoorthy had extensive gas and LNG transactional and commercial experience working for Wood Mackenzie, HSBC and Crisil. Mr Sathyamoorthy has managed consulting assignments relating to the development of new LNG

import terminals, small scale LNG, LNG ship scheduling, contracting and commercial negotiations across South East Asia, North Asia and Middle East. Other assignments have included Pan-Asian and country-specific gas strategies; LNG procurement studies; Gas/LNG pricing studies and storage studies. Mr Sathyamoorthy holds a degree in Electrical Engineering and an MBA in Oil and Gas Management.

John SattarSenior Natural Gas & LNG ConsultantPoten & Partners

John Sattar is a Senior Natural Gas & LNG Consultant with Poten and has 18 years’ experience in consulting and financial investment, including 11 years in the LNG sector with Poten, five years in downstream gas markets and two years in US equity and bond markets. Mr Sattar provides advice on economic and commercial matters across the full LNG value chain, from the

wellhead to point of sale in downstream markets. He has worked with LNG buyers, project sponsors, developers and financial institutions; these include independent and international oil companies, national oil companies, power utilities, corporate and multi-lateral lenders and trading companies. Mr Sattar was previously based in London and relocated to Singapore in April 2012. He holds a degree in Economics & Politics from the University of Bristol, England.

BIOGRAPHIES

Mario SavastanoExecutive Vice President, Business DevelopmentENGIE Asia-Pacific

Mario Savastano is Executive Vice President, Business Development of ENGIE Asia-Pacific, a position he has held since July 2014. He is based in Bangkok. Since he joined ENGIE in 1999, Mr Savastano has held a number of positions in the company. He served initially as a Senior Business Developer in Thailand. In 2003, he became Senior Vice President, Business Development,

in charge of developing energy projects in Middle East and North Africa, based in Dubai. He, amongst others, led the consortium that won the Barka 2 greenfield and the Al-Rusail acquisition projects in Oman, which he then managed as CEO of the SMN Group of companies from 2006, based in Muscat. He came back to Dubai in August 2010 to be Executive Vice President, Asset Management for Construction of ENGIE, South Asia, Middle East and Africa. Prior to joining ENGIE, Mr Savastano served for eight years in proposal and commercial positions in the energy division of Cockerill Mechanical Industries in Belgium, supplying boilers for power plants worldwide. He has 25 years of technical, commercial and managerial experience in the international power business; he also has a Master’s Degree in Mechanical Engineering from the Catholic University of Louvain (Belgium), and Executive Education at the INSEAD Business School (France and Singapore).

SPEAKERS

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Kerry Anne ShanksHead of APAC Gas and LNG ResearchWood Mackenzie

Kerry Anne Shanks leads Wood Mackenzie’s Asia Pacific Gas and LNG Research analysis. Ms Shanks has worked for Wood Mackenzie since 2004 in both London and Singapore, in both the consulting and research practices. A recognised expert on the dynamics of gas and LNG markets, as well as the evolution of the global gas market, she has led a broad spectrum of consulting

engagements around the world. Project-specific engagements include support on strategy studies, gas and LNG pricing disputes and due diligence on major gas and LNG project-finance transactions. Ms Shanks joined Wood Mackenzie from Shell, where she worked in business development. She has an Honours degree in Mathematics and Finance from Waikato University, New Zealand.

BIOGRAPHIES

Tan Cheng Guan EVP and Head, Group Business Development and CommercialSembcorp

Tan Cheng Guan is responsible for business development at Sembcorp Industries and drives the expansion of the Group’s energy and water businesses globally. He brings with him broad experience in strategy, business and project development for the utilities industry. Mr Tan started his career with Sembcorp in 1990 and was Managing Director of Vopak China based in Shanghai between 2004

to 2007. During his time at Sembcorp, he has pioneered the early development of the Group’s Utilities business on Jurong Island and led the business’ expansion into China, India, the UK, the Middle East, Myanmar and Bangladesh. In addition, he led the acquisition of Sembcorp’s renewable energy businesses in China and India, as well as the acquisition of Cascal’s international municipal water business. Prior to joining Sembcorp, Mr Tan spent 12 years in engineering and project management for the oil and gas sector at Brown & Root Far East, working for the company in London, Kuala Lumpur and Miri, Sarawak. Mr Tan holds a Bachelor of Civil Engineering (Honours) from the University of Liverpool, UK and completed the Advanced Management Programme at Harvard Business School.

SPEAKERS

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Karlman ThamGeneral Manager, Business Development AsiaExcelerate Energy

Karlman Tham is General Manager of Excelerate Energy Singapore and heads the business development for Asia. Recently, Mr Tham negotiated and closed the FSRU Terminal User Agreement with Petrobangla in Bangladesh. Prior to joining Excelerate Energy, he was General Manager of the Indonesian office for one of the top three global oil & gas engineering,

procurement, and construction (EPC) firms building refineries, chemical & petrochemical and gas plants.

Lubomir VarbanovHead of New Business, Infrastructure and Natural Resources, Asia PacificIFC

Lubomir Varbanov is Head of New Business for Infrastructure and Natural Resources, Asia Pacific at the International Finance Corporation (IFC). Mr Varbanov has over 20 years of industry and investment experience in emerging and developed markets, and has led and advised on over US$5bn of investments in all infrastructure sub-sectors worldwide. Prior to assuming his current

position, he headed the Global Equity Group for IFC Infrastructure and Natural Resources and earlier worked in a progression of origination, execution and portfolio management roles in IFC’s Petrochemicals, Financial Markets and Oil & Gas teams. Before IFC, he was Head of Corporate Finance at energy multinational BG Group in London. Mr Varbanov holds a BA in Business Studies and Languages from Regent’s College, London and an MSc in Finance from London Business School.

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