Stena partners with GES to advance LNG storage solutions
Swedish company Stena Power & LNG Solution and storage terminals operator Global Energy Storage (GES) have partnered up to identify and advance LNG logistics and storage solutions.
The companies say that they together bring the full range of LNG terminal and logistics expertise. This goes from floating storage and regasification units (FSRU) to onshore terminal and fixed jetty solutions.
In addition, Stena owns three LNG carriers that it can deploy as FSRUs, potentially together with innovative jettyless and/or offshore power solutions that do not require onshore facilities.
GES launched in May 2021 with the intention to invest $250 million. The management team from Global Petro Storage (GPS), an independent hydrocarbon storage and logistics company, set up the GES. In addition, Bluewater, the private equity firm specialising in the energy transition, backs it up. Its focus is on low-carbon and energy transition fuels and related infrastructure and logistics services.
Above all, GES sees LNG as a vital tool in enabling developing economies to switch from traditional to lower-carbon energy sources. These economies continue to have a strong demand for gas and power.
Peter Vucins, CEO of GES, says GES regards LNG as an important transition fuel, especially in emerging markets where.
“We are also interested in exploring opportunities with regard to blue hydrogen production where LNG is combined with carbon capture to make low carbon hydrogen. The possibility to deploy existing LNG carriers with onshore terminal solutions means that we can move quickly to provide our customers with a full range of solutions,” he added.
Göran Hermansson of Stena said: “By working with Global Energy Storage, we can share our wide-ranging, industry-specific knowledge to better achieve our mutual objective of delivering more sustainable energy infrastructure solutions to communities across the world.”