Closure of divestment of LNG liquefaction plant to North Sea midstream partners

November 24, 2021

Gasum closed the divestment of its LNG liquefaction plant in Norway to North Sea Midstream Partners (NSMP) on November 16. The companies have also agreed on an extensive tolling agreement under which Gasum will continue to ensure deliveries of liquefied natural gas (LNG) and liquefied biogas (LBG) to its customers from the Risavika liquefaction plant. The transaction is part of Gasum’s growth strategy.

North Sea Midstream Partners (NSMP) is a leading independent midstream company with large scale infrastructure assets serving the North Sea.

“The transaction will allow us to ensure deliveries of liquefied gas to our customers in the same way as earlier. We want to optimize our capital allocation to speed up the execution of our growth strategy. I would like to thank NSMP for cooperation, which I’m pleased to say continues under a long-term tolling agreement. We believe that NSMP will further develop the liquefaction plant,” explains Gasum’s interim CEO Kai Laitinen.

“The Risavika liquefaction plant expands our geographic reach into a key target market, diversifies our portfolio and extends our platform for growth. It’s great to begin building a long-term partnership with Gasum, with whom we will be working closely to ensure a smooth transition of liquefaction plant operations,” says Andy Heppel, CEO North Sea Midstream Partners.

The separate bunkering solution, serving maritime customers, is not included in the transaction scope. Both parties have agreed not to disclose the transaction price.