Finnish gas retailer Gasum Ltd is increasing its shareholding in Nordic LNG supplier Skangas to 70%. The Norwegian Lyse Group will continue as a Skangas shareholder with a 30% stake. The increase in shareholding will strengthen Gasum’s position as the leading LNG provider and developer of the Nordic gas ecosystem.
Developing the Nordic gas ecosystem is a key element of Gasum’s strategy and LNG in particular will play an increasingly important role in the Nordic gas market in the future. Gasum acquired a majority shareholding of 51% in Skangas in 2014, and the current increase in ownership will provide Gasum with new capacities for the development of the Nordic LNG market.
”The significance of LNG in the Baltic Sea and the Nordic countries is increasing rapidly, and Gasum wants to lead the way in this growth. This increase in shareholding will make us even better positioned to respond to the growing demand for LNG and that way build a bridge to a carbon-neutral society together with our partners,” says Gasum CEO Johanna Lamminen.
LNG can be used in maritime transport as well as heavy-duty road transport and industry. Because LNG can be transported flexibly, it enables the utilization of energy-efficient gas also in areas outside the gas pipeline network. LNG is a cost-effective and environmentally friendly way to replace oil-based fuels. Alongside LNG, the same sites of use can also today and in the future use renewable liquefied biogas (LBG), with no additional investments required from the customer for the switch.
The volumes of liquefied natural gas and biogas used in the Nordic countries are increasing in all sectors of transport and industry. The LNG infrastructure created by Skangas ensures the efficient supply of LNG to our customers throughout the Nordics. One example of this is the Tornio LNG terminal due to open in Finland in February 2018, which will enable even better access to LNG in the northern parts of the Nordic countries.
”The increase in shareholding is a clear and natural step towards that was already agreed upon in conjunction with the original transaction. The continuously expanding Nordic gas ecosystem is proof of the growing importance of LNG in Finland, Sweden as well as Norway. Gasum is now even more strongly positioned for its further development,” Lamminen continues.
(Source: Gasum Oy)