Japanese commodity tradier Sojitz Corporation has announced the acquisition of full ownership of Spanish company First State Regasificadora.
First state, which will be renamed Sojitz Regasificadora, owns a 15% stake in Regasificadora del Noroeste, which operates an LNG terminal in Mugardos in the northwest of Spain. Through the acquisition, Sojitz Corporation has become the first Japanese trading company to enter into the LNG terminal business in Europe.
Sojitz plans to contribute its LNG expertise and other business experience to support the further development of the Mugardos LNG Terminal.
“Sojitz will continue to develop its global LNG business with a focus on LNG receiving and liquefaction terminals, and will look at expanding its LNG receiving terminal business into ASEAN and other countries in South Asia, and to also develop its LNG liquefaction business to help create a stable energy supply for Japan, the world’s largest importer of LNG,” Sojitz said in a release.
In October, a consortium comprising Sojitz, Marubeni and Indonesia’s Pertamina ordered a $221m LNG-FSRU at South Korea’s Samsung Heavy Industries.