Finnish natural gas importer and retailer Gasum will acquire the majority (51 percent) of Norwegian Skangass’ distribution operations from the Lyse Corporation. The acquisition is a part of Gasum’s strategy of improving the availability of competitive liquefied natural gas (LNG) in Finland. Improving the availability of LNG will serve not only marine traffic but also the increasing needs of industrial clients outside the natural gas grids and future needs of heavy duty traffic.
The aim of the joint venture is to take a strong position in the growing Nordic LNG market which is becoming a significant market for LNG. The new emission regulations for sulphur dioxide coming to effect in 2015 will increase the need for cleaner fuels in marine traffic.
“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, industry and heavy transport sectors,” says Johanna Lamminen, Gasum’s Excecutive Vice President.
Skangass will add to delivery reliability of Gasum’s LNG offering through new terminals and tankers. It will also enable fast development of gas infrastructure in the Nordic countries. Large, combined import quantities will result in more cost-efficient LNG-sourcing and thus enhance the opening of new LNG-terminals. The acquisition will join the Finnish, Norwegian and Swedish markets geographically, making the delivery of a competitive product possible in the entire area.
Through the acquisition Gasum’s LNG business unit, including the Porvoo production plant and the planned Turku / Pori terminal will become a part of the new joint enterprise.
The Skangass production plant in Risavika will remain in Lyse’s ownership, but a long term delivery contract regarding the use of the unit has been made with the new joint enterprise, Skangass A/S. Skangass’ Øra terminal in Norway, the Lysekil terminal still in construction and the planned Gävle terminal, both in Sweden, will be transferred to the new company. Skangass has charter parties with two tankers. After the acquisition the companies will have a total of 20 LNG tank trucks.
Sources: Gasum and Skangass)