A unit of energy giant Shell said Thursday it sold its Norwegian downstream business Gasnor to Spanish small-scale LNG player Molgas.
The transaction involves the transfer of A/S Norske Shell‘s complete shareholding in Gasnor to Molgas, Shell said in a statement. Deal completion took place directly after signing.
In addition, all of Gasnor’s 52 staff will continue their employment under Molgas.
Shell has been 100% owner of Gasnor since 2012. The downstream LNG company, headquartered in Avaldsnes, Norway, owns several small-scale production facilities from which it supplies fuel via trucks or chartered bunkering vessels.
The sale of Gasnor to Molgas has no effect on the operations or organisation of Norske Shell, the company said. It also does not affect Shell’s interests in the Gibraltar LNG terminal and Gasnor will continue to provide operator services to the facility, it said.
Shell did not disclose the price Molgas paid for taking over Gasnor.
Molgas has a network of LNG filling stations and mainly operates in Spain, Portugal, and France but also throughout Europe with a presence in Italy, Belgium, and the UK.
To remind, French private equity firm InfraVia Capital Partners said last year it acquired Molgas via its InfraVia European Fund IV.
InfraVia said in a separate statement the acquisition of Gasnor makes Molgas the “leading small-scale LNG platform, with pan-European presence and strong expertise across all applications: industry, cogeneration, bunkering, fueling stations, etc.”
Moreover, the group plans to further expand in Europe and “lead the development of biogas and hydrogen distributed infrastructure.”