Shell Boosts LNG Marketing With $74 Million Gasnor Purchase
Shell, which already holds 4.1 percent of Gasnor, expects the acquisition to be completed in the third quarter, according to a statement today.
Gasnor produces the fuel at three small-scale plants, and distributes LNG and compressed gas by two tankers and several trucks to customers in Norway. Shell, whose share of gas output overtook oil production this year, wants to expand the use of LNG as a transport fuel.
“Shell will capitalize on Gasnor’s experience in LNG sales and marketing, combining it with its own customer reach to target European marine customers ahead of new environmental regulations that will come into force from 2015,” the company said.
Shell, which has stakes in a quarter of the world’s LNG vessels, has been expanding plans to supply the fuel to the transportation industry. Last month, it agreed with TravelCenters of America LLC to sell LNG to heavy duty trucks in the U.S. That followed last year’s agreement to work on the Green Corridor project with Flying J Inc. to offer LNG to trucks along the 900 mile (1,600 kilometer) highway from Alberta to the Pacific coast in Canada.
To contact the reporters on this story: Eduard Gismatullin in London at email@example.com;
To contact the editor responsible for this story: Will Kennedy at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.