Stolt-Nielsen Limited Acquires Shares in Sardinian LNG Project
LONDON, Oct. 15, 2015 (GLOBE NEWSWIRE) -- Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that its subsidiary, Stolt-Nielsen Gas B.V., has purchased 10 percent of the shares in HIGAS S.r.L., with an option to acquire up to 80 percent of the company.
HIGAS is a joint venture between Gas and Heat S.p.A. and CPL Concordia Soc. Coop, with plans to build and operate an LNG terminal and distribution facility in the port of Oristano, Sardinia. The LNG is to be shipped to the terminal by LNG tankers and distributed to customers via pipeline and trucks. The terminal is expected to be completed in 2017.
Commenting on the project, Andrew Pickering, President, Stolt-Nielsen LNG Holdings Ltd., said, "This joint venture represents SNL's third strategic investment in the LNG segment, where our focus is on meeting what we call 'stranded demand' for LNG. Sardinia, which is not served by a gas pipeline, is a perfect example. With demand for natural gas rising on Sardinia, small-scale LNG imports represent an attractive solution. Along with our partners, we believe we have a strong team to deliver reliable, cost-effective service to Sardinia."
Stolt-Nielsen Limited (SNL or the "Company") is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas develops opportunities in LPG and LNG shipping and distribution. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
(October 15, 2015 - 5:38 AM EDT)
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