Gasum Finalizes Skangass Acquisition

Gasum and the Lyse Group concluded the acquisition of Skangass on 2nd May. This resulted in Gasum acquiring 51% of the LNG distribution business from the Lyse Group.

“The Skangass acquisition supports our strategy and the Finnish Government’s goal of speeding up the construction of LNG infrastructure to ensure the availability and distribution of LNG for maritime transport and industry. With LNG, access to natural gas can also be extended to industrial and energy facilities outside the gas network, which will increase the diversity and security of energy supply. Larger LNG import volumes will result in strong product competitiveness, and we’ll be able to offer our existing and future customers access to LNG at long-term and competitive conditions,” said Gasum Chief Executive Officer Johanna Lamminen.

Gasum’s LNG business, the Porvoo production facility and the planned Pori terminal will become part of Skangass. No investment decision has so far been made on the Pori import terminal construction project. Gasum has submitted an application to the Ministry of Employment and the Economy for investment aid for the LNG terminal. The terminal is hoped to be completed in autumn 2016.

“This acquisition strengthens our position as a leading LNG player in the Nordic Market. Together we have a strong know-how in safe and efficient terminal operations, transport and bunkering operations as well as customer support. The new boost to the infrastructure will contribute to continued growth in the number of LNG-fuelled cargo and passenger vessels in the North Sea and Baltic Sea, which will result in emission cuts in maritime transport in particular. It’s important for us to be able to make the Pori LNG terminal investment decision as soon as possible so that we can begin construction,” said Skangass CEO Tor Morten Osmundsen.

The Skangass LNG production plant in Risavika, Norway, will remain in Lyse’s ownership and Skangass has entered into a long-term supply contract with the owner. The new terminal in Lysekil is currently under commissioning and will be operational in June. The combined storage capacity of the terminals in Risavika, Øra in Fredrikstad and Lysekil will be almost 70,000 m3. Skangass has charter parties for two LNG tankers, and the acquisition takes its fleet of LNG road tankers to a total of 20 vehicles.

Press Release, May 05, 2014; Image: Skangass

 

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