Wang Yusuo: Energy Man
There were days when any source of energy used the individual had to produce it himself. The act of cooking required a person to gather wood to start a fire. Today things are much more convenient. Electricity is now connected to your home so all you have to do is plug in the device including cooking equipment and it will get its energy that has been produced somewhere else.
Cooking and heating can now also be done with the use of natural gas which can be piped to homes from sources far away. Natural gas has gotten much attention because it is seen as less of a pollutant to the environment.
One man in China has made it big with natural gas. His name is Wang Yusuo and he is the chairman of Hong Kong-listed ENN Energy. The firm has around 25,000 employees and its main business is the distribution of natural gas.
Wang started a small business in 1989 which a gas utility company. Today ENN aside from natural gas distribution is also into intelligent energy solutions, solar energy, and energy chemicals. The firm has more than 100 wholly-owned, majority-owned, or branch companies located in more than 100 cities in China as well as in Asia, Europe, Americas, and Oceania.
Wang has a professionally run business. No less than the International Finance Corp., a member of the World Bank Group deals with his company. In July 2013 IFC gave a loan facility to ENN Energy to help fund the network of stations that provide liquefied natural gas. IFC stated it would give ENN which is China’s top gas distributor, a $75 million loan and another $75 million via a syndicated loan. This is not the first time IFC has partnered with ENN it is in fact the fourth time they have ventured together.
ENN is one of the first privately-owned clean energy distributors in China. As of June 2013, the Group’s total coverage of connectable urban population in China and overseas reached 66.48 million. This includes 126 project cities in China in 14 provinces, municipalities and autonomous regions. ENN also has an offshore gas project in Vietnam covering a connectable urban population of more than 9.01 million.
Wang started small but is now one of the top energy tycoons in China.