Photo: Courtesy of Gasum

Gasum sells Risavika LNG plant to NSMP

The Nordic energy company Gasum has reached an agreement with North Sea Midstream Partners (NSMP) on the divestment of the Risavika LNG liquefaction plant.

Gasum sells Risavika LNG plant to North Sea Midstream Partners
Courtesy of Gasum

Gasum and North Sea Midstream Partners signed the contract on 1 November 2021. Subsequently, the transaction will take place by mid-November.

North Sea Midstream Partners (NSMP) is an independent midstream company with large-scale gas infrastructure assets serving the North Sea.

In addition, Gasum will remain a major off-taker of the LNG and LBG produced at Risavika under a long-term contract. This was established as a result of the agreement.

Meanwhile, the separate bunkering solution, serving maritime customers, does not fall under the transaction scope.

Both parties have agreed not to disclose the transaction price.

In conclusion, Gasum says the transaction is in line with its growth strategy and the evolving LNG market.

Gasum’s interim CEO Kai Laitinen said owning this type of asset is no longer at the core of the strategy.

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“However, the long-term tolling contract ensures that we will continue to deliver LNG and LBG to our customers from the Risavika plant in the future as well. The divestment of Risavika will enable us to optimize our capital allocation to speed up the execution of our growth strategy and to expand the Nordic gas market.”

“This acquisition is a strategic step for NSMP. The Risavika plant is an attractive addition and a geographic expansion for NSMP which diversifies our portfolio and extends our platform for growth,” added Andy Heppel, CEO NSMP.