Two years before Christopher Kalnin made the first of a string of Marcellus Shale deals totaling $520 million, he took a road trip. Kalnin toured the U.S. with executives from Banpu Pel, Thailand's largest coal company, his prospective backer. In part, he wanted to set the stage for unconventional gas investment, which was on the outs among Asian investors. The trip took them to NGL facilities in Ohio, the Sabine Pass LNG-export facility underway in Louisiana and fracking sites in the Permian Basin. At the end of 2017, Kalnin, managing director and co-founder of Kalnin Ventures LLC, was the odd man out among Asian-based shale ventures.
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