Stolt-Nielsen, Golar LNG Form Joint Venture
Photo: Golar LNG
Stolt-Nielsen Limited and Golar LNG Limited have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution, the companies announced today.
Stolt-Nielsen Limited has invested in Golar LNG through open-market purchases, representing an ownership stake of approximately 2.3 percent in the company.
Commenting on the investment, Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, said, "A key element of Stolt-Nielsen's long-term strategy is diversification that leverages our core skillsets, including shipping, storage and distribution. We targeted LNG as a growth market and entered into small-scale LNG liquefaction and logistics services in 2014, through our joint venture Stolt LNGaz.”
Stolt-Nielsen continued, “With our investment in Golar LNG we aim to develop further opportunities in the LNG space, targeting onwards distribution to off-the-grid customers, supported by Golar's midstream ocean-based system. We are pleased to have the opportunity to participate with Golar in satisfying this unique and growing demand.”
CEO of Golar Management, Gary Smith, commented, "As Golar continues to expand throughout the midstream LNG value chain we are excited to have a world class specialty shipping and terminal company like Stolt-Nielsen as a strategic investor and partner. Stolt-Nielsen's core strengths in logistics and distribution are an excellent fit with Golar's midscale LNG focus. We look forward to working with Stolt-Nielsen to continue to expand the reach of LNG to a wider array of smaller potential customers."
