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Closure of divestment of LNG liquefaction plant to North Sea Midstream Partners

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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.


More information:

Kai Laitinen, Interim CEO, Gasum
(Heidi Westerberg, Executive Assistant)
Phone +358 40 580 0951, heidi.westerberg@gasum.com

Olga Väisänen, VP, Communications and sustainability Gasum
Phone +358 40 554 0578, olga.vaisanen@gasum.com

Richard Ozsanlav, Chief Financial Officer, North Sea Midstream Partners
Phone +44 203 159 4183, richard.ozsanlav@nsmp-limited.com
 

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divestment Transaction Gasum Group

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Gasum closed the divestment of its LNG liquefaction plant in Norway to North Sea Midstream Partners (NSMP) on November 16, 2021.
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North Sea Midstream Partners (NSMP) is a leading independent midstream company with large scale infrastructure assets serving the North Sea.
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North Sea Midstream Partners is a leading independent midstream business with large-scale gas infrastructure assets serving the North Sea. NSMP transports and processes natural gas from customers across the West of Shetlands, Northern North Sea, Norwegian North Sea, Central North Sea and Southern Gas Basin. NSMP provides essential services to over 35 fields owned by energy majors, utilities and independent producers, through a combined gas pipeline length of nearly 600 km making NSMP’s infrastructure the largest and most diversified gas transportation and processing system in the UK. NSMP is committed to using its assets to make a positive difference to both security of supply and the energy transition.
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Quotes

“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.
Kai Laitinen, Interim CEO, Gasum