Gasum Boosts LNG Network with Skangass Deal

MarineLink.com
Monday, February 24, 2014

Reuters - Finnish gas company Gasum is to acquire 51 percent of Norwegian Skangass's distribution operations from Lyse Corporation as it seeks to improve the efficiency of its liquefied natural gas (LNG) network.

Gasum said on Monday that the deal, which will make it the largest Nordic operator in the LNG market, is also intended to ensure that it benefits from tighter European Union emissions regulations.

Various new regulations on sulphur emissions in the shipping sector will come into place for much of the North and Baltic Sea as well as the United States and Canada in 2015, which has driven interest in alternative fuels to diesel.

"This [acquisition] will probably mean owners in the shipping sector will hesitate less when they order ships, because they can depend on LNG," Tommy Mattila, head of Gasum's LNG business, told reporters.

Gasum said that Skangass's terminals and tankers will help to bolster the scale and cost-efficiency of its LNG sourcing and delivery.

"The acquisition enables the creation of sufficient market coverage and distribution infrastructure in the Nordic countries, giving Gasum the possibility to offer a much more competitive product for end users in the maritime, industrial and heavy transport sectors," Johanna Lamminen, Gasum's executive vice-president, said.

The companies did not disclose the value of the deal and Gasum declined to comment on how long it would take to make a profit on the investment.

Gasum's owners include state-controlled utility Fortum , Russia's Gazprom, the Finnish state and Germany's E.ON, who hold stakes of 31 percent, 25 percent, 24 percent and 20 percent respectively. The Finnish government said last year that it was considering buying E.ON's stake.

(Reporting by Ritsuko Ando; Editing by Alistair Scrutton and David Goodman)

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Tanker Trends

VL-exit?

Earlier this week spot returns in the VLCC market touched their lowest level since October 2014, with TCE earnings for Middle East/Japan (TD3) falling close to $20,

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

Asia Tankers-VLCC Rates to Climb Slowly

Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers

Ports

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

World Trade Routes Won't be the Same with Expanded Panama Canal!

On 26th June 2016, a landmark development for the shipping industry will occur with the opening of the new third set of locks at the Panama Canal. Clarksons Research takes a look.

News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Mergers & Acquisitions

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer

Merger: Survitec Joins Forces with WMS

Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1318 sec (8 req/sec)