Shell sheds Norwegian downstream LNG business
Anglo-Dutch Shell announced on April 8 it had sold its downstream LNG operations in Norway to Spanish firm Molgas Energy.
The oil major was reported last summer to be seeking a buyer for Gasnor, which operates three small-scale LNG production plants in Norway and distributes the gas via tank trucks and tankers. Shell became a partial owner of the business in 2004 and acquired full ownership in 2012. An agreement on its sale to Molgas was signed and closed on April 8, and has been backdated to January 1, 2020.
"Gasnor has been part of Shell since 2012 and we are proud of what the company has achieved. Gasnor has been a pioneer in downstream LNG, with a leading position in small scale LNG production and distribution in the domestic gas market," Norske Shell's managing director Marianne Olsnes said in a statement. "Norske Shell will continue to focus on key positions where we can leverage our differentiated capabilities in line with Shell’s strategy and net zero target."
Molgas is a Madrid-headquartered LNG distributor owned by French private equity firm InfraVia.