LNG Bunker JV Project for European Ports Supply
Bomin & Linde outline JV plans to target infrastructure supply of LNG in the European maritime sector.
The transaction, subject to the approval of the relevant antitrust authorities is due to start its operations in the latter part of 2012 with headquarters in Hamburg.
The Joint Venture company will establish operations in a number of key ports throughout the so-called "Emission Control Areas" in North-West Europe.
Vessel emissions in ECAs will have to be reduced from January 1st 2015, which would force ship owners to limit their sulphur emissions drastically. Compared to conventional heavy fuel oil, LNG offers close to 100 per cent reduction of emissions in sulphur and particulate matter, an 80-85 per cent reduction of nitrogen oxides (NOx) and 20-25 per cent less CO2 emissions, Linde noted, adding that the global demand for LNG is estimated to increase by more than 10 per cent per year, making it the fastest growing energy product in the world.
Bomin brings to the joint venture its excellent track record in maritime bunker fuel trading and operations, while Linde will bring in its experience in cryogenics and engineering know-how.
"With the new joint venture company we want to offer LNG to ship owners as an alternative energy source with a lower environmental impact than traditional bunker fuels. The know-how combination of Bomin and Linde will enable us to offer attractive solutions in this emerging market", says Dr Claus-Georg Nette, Member of the Executive Board of Marquard & Bahls AG.