Finnish integrated gas company Gasum has raised its stake in liquefied natural gas (LNG) supplier Skangas to 100%.
The acquisition strengthens a key element of Gasum’s strategy and will further enhance the development of the Nordic gas market and LNG distribution network. The increase in shareholding consolidates Gasum’s position as the leading Nordic LNG provider and the gas market forerunner.
Nordic energy company Gasum has purchased the remaining shareholding in the Norwegian liquefied natural gas (LNG) provider Skangas from the Lyse Group.
In 2014, Gasum became Skangas’s majority shareholder with a 51% holding, and in 2017 the share grew to 70%.
Gasum CEO Johanna Lamminen said: “Completing the acquisition of Skangas gives us even better opportunities to build and develop the Nordic gas ecosystem and to respond to growing demand. We thank the Lyse Group for the good co-operation in developing the LNG market.
“The need for cleaner fuel solutions in industry and transport is increasing significantly, and LNG is the most competitive option for low-emission fuels. We want to be the frontrunner in taking the Nordic countries to a cleaner tomorrow.”
Gas plays a major role in reducing the carbon footprint in terms of the total use of energy in the Nordic countries.
The demand for cleaner fuel solutions is increasing rapidly as new ways to reduce emissions and fight climate change are sought in all transport and industry sectors. LNG can be used in both maritime and heavy-duty road transport, as well as in industrial processes. Renewable liquefied biogas (LBG) can be used in the same applications.
For the last few years, Gasum has been determined to build the Nordic LNG infrastructure to improve the availability of gas for the needs of the industry, transport, and maritime sectors.
In September, Gasum announced the company’s intention to expand the Nordic LNG filling station network to around 50 locations by the early 2020s.
An extensive filling station network in Finland, Sweden and Norway enables significant increases in the use of liquefied natural gas and liquefied biogas in road haulage and distribution traffic.
The now announced acquisition is a step further in developing the Nordic LNG infrastructure.
The acquisition ensures a strong foothold for Gasum in the growing market, and further enhances the industry’s leading know-how and utilization of the latest technology innovations.
Source: Company Press Release