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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

Updated on 19 Feb 2020 12:15 GMT

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."

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