Shell, the current owner of 4.1% of the shares in Gasnor AS, has signed a Share Purchase Agreement for the acquisition of the remaining outstanding shares in the company for USD 74 million (NOK 455.5 million). Subject to Norwegian regulatory approvals, the transaction is expected to be closed in the 3rd quarter of 2012.

Gasnor is a market leader in Norway in small scale LNG (Liquefied Natural Gas), supplying LNG as a fuel to industrial and marine customers and operating an end to end supply chain, with three small scale production plants and distribution assets including two tanker ships, a fleet of trucks and a network of terminals. The acquisition of Gasnor is an important step for Shell towards creating an LNG sales business. LNG will be a reliable new addition to Shell’s commercial customers’ fuel mix.

Tags: Shell