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Skangass AS subsidiary Gasum LNG Ltd. has been renamed Skangass Ltd. As a result, Skangass now operates under the Skangass company name in the Nordic countries of Finland, Sweden and Norway.

"The change of name seals the creation of a unified LNG market in Finland, Sweden and Norway," Skangass said in a statement.

Gasum recently acquired the majority (51%) of the LNG distribution business of Norwegian company Skangass from the Lyse Group. The acquisition was part of Gasum's strategy of improving access to competitive liquefied natural gas (LNG) in Finland. The acquisition was completed in May, making Gasum the largest LNG player in the Nordic countries.

"The Skangass acquisition unified the Finnish, Norwegian and Swedish LNG markets geographically and enabled the long-term and competitive supply of LNG in the Nordic countries. The change of name strengthens the unified market aspect and facilitates our day-to-day operations," commented Gasum CEO Johanna Lamminen.

The transaction resulted in Gasum's LNG business, including the Porvoo production facility and the planned Pori terminal, becoming part of the new joint venture.

The Skangass Øra terminal in Norway as well as the Lysekil terminal – due to become operational in the summer – and the Gävle terminal being planned in Sweden were also transferred under the new company.

"The new boost to the infrastructure will enable the increased frequency of LNG-fuelled cargo and passenger vessels in the Baltic Sea and North Sea, which will result in emission cuts in maritime transport," Skangass said.

The CEO of Skangass is Tor Morten Osmundsen, and the company's Board of Directors is chaired by Johanna Lamminen.