LNG

Gasum, the Finnish state-run natural gas company and leading Nordic LNG supplier, reported a loss amid higher revenues as it was hit by gas price derivatives issues.

Gasum, the Finnish state-owned LNG distribution company and regasification and liquefaction infrastructure owner in the Nordic region, is looking for a new Chief Executive after incumbent Johanna Lamminen resigned with immediate effect after leading the company for over seven years

Gasum, the Finnish state-owned LNG distribution company and regasification and liquefaction infrastructure owner in the Nordic region, posted an annual net loss and lower revenues while expanding its operations.

Gasum, the Finnish state-owned LNG distribution company and regasification and liquefaction infrastructure owner in the Nordic region, has extended bunkering activities to include the Antwerp, Amsterdam and Rotterdam region, also known as the ARA area.

Pavilion Energy of Singapore has signed a cooperation agreement with Gasum of Finland to develop a global LNG bunkering supply network for customers in Singapore and Northern Europe, including Amsterdam, Rotterdam and Antwerp.

Samskip, a Dutch shipping company based in Rotterdam and owner of two LNG-powered multi-modal vessels, and Gasum of Finland have signed an accord for the ships to be refuelled at the Gasum-owned small-scale liquefaction plant at Risavika in Norway.

Preem, the Swedish refining company and fuel exporter, signed an agreement with Gasum of Finland to purchase a new liquefied natural gas blend containing 10 percent biogas to fuel two LNG-powered oil-chemical tankers.

The Nordic LNG supplier, Gasum of Finland, posted a decline in annual revenues as its strategy moved the company forward in providing LNG for shipping and vehicles while withdrawing from the gas transmission business.

Gasum’s revenue was down 4.2 percent year on year, totaling 1.27 billion euros ($1.37Bln) versus 1.17Bln euros in 2018.

The company’s operating profit totaled 141.4M euros, up 13.9 percent year on year from 124.2M euros.

“We took purposeful steps to advance our strategy and developed the Nordic gas market, enabling an even broader offering of low-emission energy solutions in response to growing demand among industrial as well as road and maritime transport customers,” said Chief Executive Johanna Lamminen.

“The decline in revenue was caused primarily by the development in the sales price of gas,” stated the CEO.

She noted that at the turn of the year, the Finnish pipeline gas market was opened up to competition and the unbundling of Gasum’s transmission business was completed as a new company, Gasgrid Finland Oy, commenced its operations.

“Gasum has prepared for the opening up of the gas market and the broadening competition by developing products and services,” said added.

“Our company has decades of expertise in gas and in the provision of comprehensive energy solutions and energy market services,” said the CEO.

“Another important step in the development of the Nordic gas market was taken by us when we signed the deal on the acquisition AGA’s clean energy business and Nauticor’s marine bunkering business from Linde AG,” explained Lamminen.

“The transaction promotes our strategy by further expanding our supply of energy solutions for industrial as well as road and maritime transport needs,” she said.

“It also speeds up the implementation of Gasum’s growth strategy focusing on cleaner transport solutions in the Nordic countries,” added Lamminen.

Gasum continues to build its LNG bunkering business and carried out its 200 ship-to-ship operation in January 2020 as maritime use of the fuel gathers pace in northwest Europe.

The refueling  was carried out by the 5,800 cubic metres of capacity bunkering vessel “Coralius”, a supplier of LNG fuel in the North Sea and the Skagerrak areas since 2017.

The receiving vessel was the Fjord Line’s LNG-powered ferry “Stavangerfjord” as the ship underwent scheduled maintenance at the Fayard shipyard in Odense in Denmark.

Gasum also supplied its first cruise liner with LNG in November 2019 at the Finnish Meyer Turku shipyard in the port of Turku.

Fully owned by the state of Finland, Gasum has LNG import assets in Finland and Sweden and LNG liquefaction as well as marine bunkering services through its former Skangas business, now integrated and operating  under the Gasum banner.

The company’s strategy includes an expansion to provide 50 LNG fuel stations by the early 2020s for Nordic transportation companies in Finland, Sweden and Norway.

Gasum is the largest LNG infrastructure owner in the Nordic countries as well as leader in promoting LNG as a fuel for the maritime sector and for vehicles and industry.

It has its liquefaction plant in Risavika in addition to owning and operating regasification and import terminals in Ora in Norway, Lysekil in Sweden and Pori in Finland.

Gasum is also a shareholder in Finland’s second LNG import terminal in Tornio.

Feb 10 (LNGJ) - Gasum of Finland, the main Nordic LNG supplier and importer, said that in line with its growth strategy for LNG maritime and trucking fuel it was expanding its role in the Nordic power market by becoming a member of the Nordic power exchange of Nasdaq OMX. The membership provides Gasum with access to direct trading in the power derivatives market. “In recent years, Gasum has been investing purposefully in building the Nordic gas ecosystem. In addition to the gas market, Gasum also aims to respond to customers’ energy needs by operating in an active role in the power market too,” said the company.

As the adoption of LNG as a ship fuel continues to speed up, European maritime classification society DNV GL plans to commercially launch in April 2020 a new online bunkering platform to take operators from the order process through to delivery.