Stolt-Nielsen Enters Sardinian LNG Project
Oslo-listed Stolt-Nielsen Limited has, through its subsidiary Stolt-Nielsen Gas B.V., purchased 10 percent of the shares in HIGAS S.r.L., a joint venture between Gas and Heat S.p.A. and CPL Concordia Soc. Coop, with plans to build and operate a liquefied natural gas (LNG) terminal and distribution facility in the port of Oristano, Sardinia.
Stolt-Nielsen Gas has an option to acquire up to 80 percent of the company.
The project proposes a coastal facility with a storage and transfer capacity for 9,000 cubic meters of methane-based gas products.
The facility will have six cryogenic horizontal storage tanks operating at low pressure and will be serviced by small sea going gas carriers capable of carrying 5,000-7,000 cubic meters of gas. This facility will be in fact the first LNG bunkering facility in the Mediterranean, and is expected to begin operations in 2017.
Andrew Pickering, President, Stolt-Nielsen LNG Holdings Ltd., said: “This joint venture represents SNL’s third strategic investment in the LNG segment, where our focus is on meeting what we call ‘stranded demand’ for LNG. Sardinia, which is not served by a gas pipeline, is a perfect example. With demand for natural gas rising on Sardinia, small-scale LNG imports represent an attractive solution. Along with our partners, we believe we have a strong team to deliver reliable, cost-effective service to Sardinia.”