Energy Powerhouse Eyes Asia Expansion

First Reserve Corp. is looking into an expansion into Asia, Managing Director Alex Krueger told sister magazine Buyouts.

The plans are in their earliest stages and no office openings or personnel changes are imminent, Krueger said.

Three spots where the Greenwich, Conn.-based firm is focusing for a possible office are Hong Kong, Beijing and Singapore, for now, Krueger said. “We are actively talking about what the best location is,” he said.

An Asia presence would be a natural progression for First Reserve, which has invested around $1.2 billion of equity in the region in the last five years in six companies.

The firm’s portfolio includes China Coal Energy Co. Ltd., the second largest coal company in China and the fifth largest public coal company in the world measured by coal reserves; and KrisEnergy Holdings Ltd., an oil and gas company established in 2009 aimed at building a portfolio of exploration and development assets in Asia. “We have a substantial amount of experience there and appreciate the proximity to Asia as one of the fundamental demand drivers,” Krueger said.

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