Japanese commodities firm Sojitz has acquired LNG firm First State Regasificadora (FSR).
Sojitz’ management announced the acquisition along with a name change to Sojitz Regasificadora (SR). The assets of SR include a 15% stake in Regasificadora del Noroeste (Reganosa) which owns the Mugardos LNG terminal, in the northwest of Spain.
“Sojitz will contribute its LNG expertise and other businesses experience gained through a wide range of general trading operations, to support the further development of the Mugardos LNG Terminal,” Sojitz management said in a statement.
The deal marks the first Japanese trading company to enter into the LNG terminal business in Europe. The remainder of Reganosa is owned 50.69% by Tojeiro Group, 24.31% by the government of Galicia and 10% by Sonatrach.
Plans to develop LNG bunkering capacity
Currently, LNG delivered to the Mugardos LNG Terminal is supplied to the domestic market in Spain as well as being reloaded and delivered to global markets, in particular to Asia. Sojitz notes that Reganosa plans to use the terminal as an LNG bunkering station for ships using LNG as marine fuel and aims to support growth in this activity going forward.
“Sojitz will continue to develop its global LNG business with a focus on LNG receiving and liquefaction terminals, and will look at expanding its LNG receiving terminal business into ASEAN and other countries in South Asia,” a Sojitz spokesperson commented.
Multinational general trading company Sojitz Corporation invests in a broad range of sectors including automobiles, energy, mineral resources, chemicals, foodstuff resources, agricultural and forestry resources, consumer goods, and industrial parks.
“Sojitz has been involved in the LNG business since the 1970s, having gained a wealth of knowledge and experience through LNG liquefaction & marketing activities, LNG trading and LNG import activities into Japan, wich notable investments in Indonesia and Qatar,” the company states.