Finnish Gasum Deals Extend LNG Reach
Finnish energy firm Gasum has bought two businesses from German Linde that will boost its LNG marketing business, it said November 13, without disclosing the sum paid. The deal is subject to Norwegian and Swedish competition authority approvals and is expected to close next year.
The assets are the German firm's Swedish industrial gas subsidiary AGA’s clean energy business; and Nauticor’s marine bunkering business.
It said the acquisition "will enhance the development of the Nordic gas market and create a platform for Gasum to provide a broader offering to meet the increasing demand for low-emission energy solutions from customers in industry, maritime and road transport. The transaction will improve access to competitive natural gas and biogas, multiply the available LNG logistics capacity and expand Gasum’s Nordic gas filling station network."
Together, the businesses have 35 employees and generate annual revenues of more than €100 ($110)mn. The deals bring Gasum a natural gas liquefaction plant, two LNG terminals, two LNG bunkering vessels -- the large Kairos and the small Seagas -- and 48 gas filling stations in Sweden and Norway.
Gasum CEO Johanna Lamminen said the deal was "an integral part of our growth strategy. 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."