Vitol enters gas-for-transport market
Published by Sarah Smith,
Vitol has acquired a majority share in Liquind GmbH, a supplier of gas-for-transport in North West Europe, for an undisclosed sum.
Liquind has a network of 15 outlets serving the trucking industry in Germany with LNG for transport, with the ambition to grow its network regionally and extend its offering to biogas for transport.
Russell Hardy, CEO Vitol, said: “We expect gas to become an important low emissions fuel for the trucking industry in Europe, with the market moving from LNG to bioLNG over time. We are delighted to be investing in one of Europe’s leading gas-for-transport companies and working alongside management to extend Liquind’s footprint and offering.”
Christian Schneider and Gabor Beyer, joint-MDs Liquind said: “Partnering with Vitol will enable us to realise our growth and development ambitions. Vitol is a major participant in gas markets worldwide, has a proven understanding of downstream networks and experience in handling biogas. We very much look forward to this next phase in our company’s future.”
Vitol is committed to investing in the energy transition. It is a significant investor in renewables, with over US$1 billion capital committed to renewable power projects and has successfully invested in bio-digesters in the US. Investing in Liquind is aligned with Vitol’s core strategy of investing in assets which complement the trading business. Vitol anticipates that demand for low emission fuels will increase as the European trucking industry seeks a practical and timely means of reducing its carbon footprint.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01102021/vitol-enters-gas-for-transport-market/
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