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."


  1. Economou linked to buy number 10

    Greek shipowner's busy week continues with reported purchase of aframax resale.

  2. Iraqi oil minister vows tanker fleet renewal

    Second largest Opec oil producer to build fleet destroyed in first Persian Gulf War.

  3. Scorpio Tankers executives buy up stock

    Investment runs to beyond $4.5m and follows dividend reduction and bullish profit projections.