Hunton Andrews Kurth Assists Energy Absolute in its Expansion into Shore Tank Rental and Palm Oil Trading Business

April 20, 2020 – Hunton Andrews Kurth (Thailand) Limited recently represented Energy Absolute Public Company Limited (EA) in its joint venture and pipeline sharing arrangements with a local business partner. EA, through its subsidiary EA Palm Network Co., Ltd., has invested in 70% of the shares of Combine Energy Tech Co., Ltd. (CET), which will be a joint venture vehicle for EA and its partner to develop and operate a shore tank rental project and palm oil trading businesses.

This investment will help EA develop higher-value biodiesel products, bio-hydrogenated diesel, and phase change materials to strengthen and complement EA’s core businesses. EA disclosed the transaction to the Stock Exchange of Thailand on March 27, 2020.

Hunton Andrews Kurth’s Bangkok energy and infrastructure team assisted EA in the due diligence of the assets and the drafting, negotiation and finalizing of the joint venture, pipeline use and the business transfer agreements. To close the transaction, an entire business transfer was utilized, which grants tax benefits to EA and its business partner. CET became a subsidiary of the EA Group after closing.

Hunton Andrews Kurth’s Bangkok team was led by energy and infrastructure partner Chumbhot Plangtrakul and associate Thaphanut Vimolkej.