TankersSee all articles
Stolt in LNG move
Norway’s Stolt-Nielsen is setting up a Canadian joint venture to liquefy and export LNG.
It is teaming up with SunLNG Holding and LNGaz to form Stolt LNGaz, in which it will have a 50% stake.
The company has been set up with $20m of capital, but will need investment of $570m over four years.
The idea is to build a small plant in Becancour, Quebec, to take gas from existing pipelines in south-east Canada and liquefy it.
This will then be exported across north-east Canada using LNG carriers.
Stolt said it will provide gas to “remote mining operations and other industrial customers in northeast Canada at a substantially lower cost than diesel and residual fuel oil, which are the primary energy sources today.”
It added: “Cost advantages are expected to enable surplus production to be exported to northern Europe.”
CEO Niels Stolt-Nielsen said: "This start-up investment leverages Stolt-Nielsen's expertise in marine logistics.
“We are pleased to be partnering with SunLNG, along with the experienced energy entrepreneurs, Bjorn Torkildsen and Rodney Semotiuk."