In a move that will significantly strengthen its presence in the LNG bunkering and gas market in the Nordic region, Finland’s Gasum has struck a deal with Germany’s Linde AG to acquire AGA’s clean energy business and Nauticor’s marine bunkering business
A supplier of biogas, LNG and gas in the region, Gasum will add a small-scale LNG liquefaction plant in Tjeldbergodden in Norway, two LNG terminals, one in Nynäshamn, Sweden (20,000 m3) and another in Ålesund, Norway (1,200 m3), and 48 gas filling stations in Sweden and Norway.
Additional and key parts to the deal include acquisition of Europe’s first LNG bunkering vessel, the 180-m3 Seagas, which operates in the port of Stockholm, Sweden, and the world’s largest operational LNG bunkering vessel, the 7,500-m3 Kairos.
Nauticor charters Kairos to serve customers in the North Sea and Baltic Sea, Klaipeda LNG terminal in Lithuania and the LNG terminal in Nynäshamn.
The first of its kind in the Baltic, LNG terminal Nynäshamn is a mid-scale facility that sells and distributes LNG to various municipalities without direct access to the gas grid in the Eastern parts of Sweden. The terminal has a capacity of up to 20,000 m3 of LNG, most of which is sourced from the Linde-built natural gas liquefaction plant in Stavanger, Norway.
”The acquisition of AGA’s clean energy and Nauticor’s marine bunkering businesses is an integral part of our growth strategy," said Gasum CEO Johanna Lamminen. “The acquisition enables Gasum to supply and to ensure the availability of a competitive, low-emission form of energy to meet the demands of industrial, maritime and road transport customers in the Nordic countries,” added Ms Lamminen.
The combined revenues of AGA’s clean energy business and Nauticor’s marine bunkering business exceed €100M (US$110M). Expected to be completed in 2020, the acquisition is subject to approvals. The transaction price was not disclosed.
Operating out of Stockholm, Seagas supplies LNG as a fuel to the 2,800-passenger cruise ferry Viking Grace under an agreement between owner Viking Line and Linde. Seagas functions as a floating bunker station for flexible ship-to-ship (STS) bunkering. The vessel was officially inaugurated 20 March 2013 in Stockholm.
Kairos and Seagas are two of the nine LNG bunkering vessels operating out of Europe. Positive investment decisions have been made on another 12 LNG bunkering vessels, according to DNV GL data.