Oslo: Stolt-Nielsen and Golar LNG have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution.
Stolt-Nielsen has made a strategic investment in Golar LNG through open-market purchases, representing an ownership stake of approximately 2.3% in the company.
Commenting on the investment, Niels Stolt-Nielsen, CEO of Stolt-Nielsen, said: “A key element of Stolt-Nielsen’s long-term strategy is diversification that leverages our core skillsets, including shipping, storage and distribution. We targeted LNG as a growth market and entered into small- scale LNG liquefaction and logistics services in 2014, through our joint venture Stolt LNGaz. With our investment in Golar LNG we aim to develop further opportunities in the LNG space, targeting onwards distribution to off-the-grid customers, supported by Golar’s midstream ocean-based system. We are pleased to have the opportunity to participate with Golar in satisfying this unique and growing demand.”
Stolt-Nielsen has formed a number of joint ventures to pursue niches over the years such as its chemical tanker business with Japan’s Nippon Yusen Kaisha (NYK).