First Reserve moves to tap Asian demand

First Reserve Corp, an energy-focused private equity firm with US$20 billion in its active buyout funds, will open a Hong Kong office this month. The move is believed to help the company take advantage of the growing energy demand in Asia. First Reserve's 30 portfolio companies employ about 35,000 people in 40 countries. For this year, their combined revenue is expected to reach US$208 billion while earnings before interest, taxes, depreciation and amortisation could reach US$15 billion.