Small-scale player Avenir LNG is now the sole owner of the Higas terminal located on the Italian island of Sardinia, following a deal with partners CPL Concordia and Gas and Heat.
London-based Avenir, the joint venture consisting of Stolt-Nielsen, Hoegh and Golar, said in a statement on Tuesday it bought 10 percent stake in Higas each from Italian engineering firm Gas and Heat and CPL Concordia.
Gas and Heat was also the EPC contractor for the Higas storage, regasification and distribution facility in the port of Oristano that received its first shipment from the 7,500-cbm Avenir Accolade in May last year.
In January this year, Avenir’s 7,500-cbm bunkering and supply vessel, Avenir Aspiration, started serving the terminal in Sardinia.
Avenir previously held an 80 percent operating stake in the facility that features six horizontal low-pressure cryogenic type C tank storage tanks with a total capacity of 10,800 cbm.
The firm did not disclose the financial details of the deal.
“We are delighted to have signed this agreement to acquire the minority shareholders’ interests in Higas, thereby concluding the joint venture which delivered the construction of the first LNG import infrastructure in Sardinia,” Peter Mackey, CEO of Avenir, said:
He said this marks another “important step” in executing the company’s investment strategy.
“In addition to continuing to be a trusted and competitive LNG supplier to our customers in Sardinia, Higas will continue to promote and enhance the long-term environmental sustainability of Sardinia and Italy, and to take an increasingly prominent role in these important energy markets,” Mackey said.
Besides supplying gas for use as fuel for automotive, industrial, civil and marine industries, the Higas terminal could also get a power plant.
LNG Prime recently reported that Avenir has proposed to install a power plant at its Italian LNG terminal, as the country looks to replace Russian pipeline gas supplies.
Reports suggest that the combined-cycle power plant could have a capacity of 250 MW.