EC approves Primagaz’s acquisition of PitPoint LNG shares

EC approves Primagaz's acquisition of PitPoint LNG shares

The European Commission has on Wednesday approved the acquisition of 50 percent of the shares of PitPoint LNG by the Dutch LNG distributor Primagaz.

The takeover agreement was signed on May 17 between PitPoint Clean Fuels and Primagaz, with both companies stating the newly formed joint venture will focus entirely on the use of LNG for the automotive and marine market.

Initially, the JV will serve the market as PinPoint LNG, with short-term plans to build five LNG truck stations in the Benelux and two bunkering stations for the inland waterway sector. The mid-long term target is to develop at least ten truck stations together, the two companies said.

PitPoint intends to focus mainly on the construction, maintenance and exploitation of the LNG stations, such as the LNG station in Zwolle that recently has been completely renovated. Primagaz will focus on sourcing, handling and distribution of LNG.

In its statement, European Commission said that “the proposed acquisition would raise no competition concerns because the companies’ activities do not overlap.”

 

LNG World News Staff

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