Wed 19 Feb 2020, 12:15 GMT

Linde deal speeds up growth strategy implementation: Gasum CEO


Acquisition described as 'important step in the development of the Nordic gas market'.


Johanna Lamminen - CEO of Gasum.
Image credit: Gasum
The CEO of energy firm Gasum, Johanna Lamminen, has described the recently announced acquisition of Linde's marine bunkering and clean energy businesses as "another important step in the development of the Nordic gas market".

Signed in November, the deal to buy assets operated by Linde brands Nauticor and AGA includes the acquisition of an LNG liquefaction plant, two LNG terminals and two LNG bunkering vessels.

Lamminen remarked on Wednesday: "The transaction promotes our strategy by further expanding our supply of energy solutions for industrial as well as road and maritime transport needs. It also speeds up the implementation of Gasum's growth strategy focusing on cleaner transport solutions in the Nordic countries."

The takeover is currently awaiting approval by the competition authorities and, if successful, is expected to be completed during 2020.

Lamminen's comments coincide with the release of Gasum's financial results for 2019, which saw the Finnish state-owned company post an operating profit of EUR 141.4m - a year-on-year (YoY) improvement of 13.9 percent.

Revenue between January and December fell 4.2 percent to EUR 1,127.6m, which the company said was mainly linked to the sales price of natural gas.

In an analysis of the results, Lamminen stated that performance was in line with expectations.

2020 achievements and outlook

In terms of achievements so far this year, the Gasum-chartered Coralius performed its 200th ship-to-ship LNG bunker delivery in Odense, Denmark, on January 24. The 5,800-cubic-metre-capacity tanker - the first Europe-built LNG bunker vessel - reached the 100 mark in February last year.

Also last month, Gasum signed a supply agreement to deliver LNG to Equinor's new crude shuttle tankers, which are due to start operating later this year.

Discussing the future outlook, Gasum declared: "The role of gas as an energy source will increase further as action is taken against climate change and the Nordic countries are moving towards carbon-neutral energy production. Both the industrial as well as transport use of gas is projected to grow strongly in the years ahead. Gasum has prepared for the growth in demand by investing purposefully in the development of the Nordic gas infrastructure for several years already."


Nicolaj Kofoed, Blue Energy Partners. Blue Energy Partners appoints Nicolaj Kofoed as group treasurer  

Bunker firm strengthens treasury function as banking relationships and funding needs grow.

Bunker Partner logo. Bunker Partner seeks trainee lawyer for Athens office  

Role offering the opportunity to a law graduate to gain practical experience in maritime law.

Type approval test (TAT) for H22CDF-GA engine. HD Hyundai gains type approval for low-pressure ammonia dual-fuel engine  

HHI-EMD completes type approval testing for its H22CDF-GA engine, expanding its ammonia engine portfolio to two fuel-supply technologies.

Moataz Abdelrahman, Flex Commodities. Flex Commodities appoints Moataz Abdelrahman as senior marine fuels trader  

Dubai-based trading firm adds senior trader to expand marine fuels and bunker trading activities across the Middle East.

Container vessel manoeuvring in port. Alternative-fuel ship orders outpace port infrastructure, LR report finds  

Lloyd's Register study shows methanol and ammonia bunkering infrastructure lagging behind newbuild orders for alternative-fuel vessels.

UEC60LSJ ammonia-fuelled engine render. J-ENG secures orders for four ammonia-fuelled engines under Japanese PCTC project  

Vessels form part of plan to build four ammonia-fuelled car carriers, a dedicated bunkering vessel and supply chain.

Hanwha Power receives ABS AiP for battery-powered containership design. ABS grants AIP to Hanwha Power for 1,700-TEU battery-powered container ship  

Design uses roughly 151 MWh of swappable battery storage for fully electric propulsion on a container vessel.

Peter Krahenbuhl, WinGD. WinGD signs first licence deal with HD Hyundai Marine Engine to expand Korean production  

Mid-bore engine portfolio gains new production route into Korea's bulk carrier and tanker newbuild markets.

ONE Symphony naming ceremony. Ocean Network Express names ammonia- and methanol-ready newbuild ONE Symphony  

Vessel features conventional diesel main engine, with concept designs approved for possible future conversion to methanol or ammonia.

Sing Fuels logo. Sing Fuels seeks Asia-based supply trader to bolster bunker procurement team  

Singapore bunkering firm is recruiting a supply trader to manage marine fuel purchasing across Asia.