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    Gasum sells Norwegian liquefaction plant

Summary

Gasum said the sale would help it optimise its capital allocation. [image credit: Gasum]

by: Joseph Murphy

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Complimentary, Natural Gas & LNG News, Europe, Liquefied Natural Gas (LNG), Corporate, Mergers & Acquisitions, Contracts and tenders, News By Country, Finland, Norway

Gasum sells Norwegian liquefaction plant

Finnish gas supplier Gasum has agreed to divest its liquefaction plant in the Norwegian port of Risavika to North Sea Midstream Partners (NSMP), the company announced on November 2. But it will remain a major off-taker of LNG and liquefied biogas (LBG) at the facility under a long-term contract.

Gasum said owning the asset was "no longer in the core of [its] strategy," although the plant will continue to play a role in serving the company's customers. Its divestment "will enable us to optimise our capital allocation to speed up the execution of our growth strategy and to expand the Nordic gas market," Gasum interim CEO Kai Laitinen said.

NSMP manages various gas infrastructure assets serving the North Sea. Its CEO Andy Heppel described the Risavika plant as "an attractive addition and a geographic expansion for NSMP which diversifies our portfolio and extends our platform for growth."

The contract is due to be closed by the middle of the month. The two sides have agreed not to disclose the purchase price.