Stolt-Nielsen Ltd has announced that Stolt-Nielsen Gas B.V. – a subsidiary – has bought 10% of HIGAS S.r.L. shares. There is also the option for the subsidiary to buy another 80% of shares in the company if it chooses to. HIGAS is a joint venture (JV) between CPL Concordia Soc. Coop and Gas and Heat S.p.A. It aims to both build and operate an LNG terminal and distribution facility, which will be located in the Port of Oristano in Sardinia, Italy, and estimates that it will be completed by 2017. The LNG will be delivered to the terminal via LNG tankers, and then distributed to customers by an LNG pipeline and trucks.
The President of Stolt-Nielsen, Andrew Pickering, said: “This JV represents SNL's third strategic investment in the LNG segment, where our focus is on meeting what we call 'stranded demand' for LNG. Sardinia, which is not served by a gas pipeline, is a perfect example. With demand for natural gas rising on Sardinia, small scale LNG imports represent an attractive solution. Along with our partners, we believe we have a strong team to deliver reliable, cost-effective service to Sardinia."
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/16102015/stolt-nielsen-buys-sardinian-lng-project-shares-1472/
You might also like
NYK has concluded a long-term time-charter contract for LNG transportation with SINOPEC.