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)

 


People & Company News

MPA Appoints Koji Sekimizu as Distinguished Visiting Fellow

The S. Rajaratnam School of International Studies (RSIS) and the Maritime and Port Authority of Singapore (MPA) have appointed former Secretary-General of the

MN100: Klüber Lubrication NA LP

The Company: Klüber Lubrication is one of the world’s leading manufacturers of specialty lubricants, offering high-end tribological solutions to virtually all industries and markets worldwide.

Grand Bahama Shipyard Adds Four Executives

Grand Bahama Shipyard Limited (GBSL), a Caribbean shipyard providing retrofit, refurbishment and revitalization to cruise and commercial vessels, has added four

Tanker Trends

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

Russian Tanker Detained in Malaysia

The Malaysian Maritime Enforcement Agency (MMEA) detained a Russian oil tanker Zolotoi Most along with 25 crew members for anchoring off Tanjung Piai without authorization,

Ports

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

Tough Twins: New Fireboats for Port of Long Beach

Canada based naval architect and marine engineering firm Robert Allan Ltd. is a leading designer of high-performance response vessels of many types and in particular,

Portland Auto Exports Drive ConnectOregon Grant

The Oregon Department of Transportation has awarded a ConnectOregon grant of $2.6 million to the Port of Portland along with tenant Auto Warehousing Co. to fund

Energy

South Africa Workshop Promotes Ship Energy Efficiency

An International Maritime Organization (IMO) workshop is raising awareness of the Organization’s regulatory regime dealing with improving energy efficiency and

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

LNG

China Receives First American LNG Cargo

The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong.

Pakistan Mulls Second LNG Import Terminal

BW Group (BW) has signed a 15-year agreement with Pakistan GasPort Limited (PGPL) to provide LNG regasification services utilizing a new-build Floating Storage

A Shipyard Grows in Trinidad & Tobago

Spurred by Panama Canal Expansion and U.S. LNG Export, $500 Million Shipyard Projects Starts   As Trinidad and Tobago seeks to diversify its economy, it is banking

News

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

MPA Appoints Koji Sekimizu as Distinguished Visiting Fellow

The S. Rajaratnam School of International Studies (RSIS) and the Maritime and Port Authority of Singapore (MPA) have appointed former Secretary-General of the

Mergers & Acquisitions

Baltic Exchange Board Backs SGX Bid

The Baltic Exchange board has unanimously backed a takeover bid from Singapore Exchange Ltd , a deal that will give SGX access to a trading platform for the multi-billion

State to Take Reins of Alaska LNG Project

Alaska Gasline Development Corp. President Keith Meyer says the Big 3 oil companies are cooperating with the state’s desire to take full ownership of the AK LNG Project.

DP World H1 Profit Soars on Acquisitions

DP World, one of the world's largest port operators, reported a 50 percent leap in net profit for the first half of this year on Thursday, helped by the acquisitions

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Winch
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: 0.1381 sec (7 req/sec)