Gasum said it would sell its Risavika liquefaction plant in Norway to North Sea Midstream Partners for an undisclosed sum.
The Finland-based firm said in a statement on Tuesday it would remain a major off-taker of the LNG and LBG produced at Risavika under a long-term contract.
According to the statement, the duo signed the contract on Monday while Gasum expects the transaction to close in mid-November.
The LNG and LBG supplier says this transaction “is in line with Gasum’s growth strategy and the evolving LNG market.”
“Gasum have concluded that owning this type of upstream LNG liquefaction asset is no longer in the core of our strategy. However, the long-term tolling contract ensures that we will continue to deliver LNG and LBG to our customers from the Risavika plant in the future as well,” Gasum’s interim CEO Kai Laitinen, said.
Also, Laitinen added that the divestment of Risavika would enable the firm to “optimize our capital allocation to speed up the execution of our growth strategy and to expand the Nordic gas market.”
The LNG production plant in Risavika, Sola municipality, has a production capacity of 300,000 tonnes LNG per year.
It also features an LNG bunkering facility for marine customers linked to the plant as well as a 28,000-cbm LNG tank.
Gasum said the bunkering solution is not included in the transaction scope.
The facility gets natural gas via a subsea pipeline system from the Karsto processing plant in Northern Rogaland.