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."

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