Höegh LNG Holdings, Stolt-Nielsen and Golar LNG will invest a total of USD 182 million in Avenir LNG Ltd
Avenir LNG was originally formed by Stolt-Nielsen in 2017 to provide LNG to markets lacking access to LNG pipelines. Stolt-Nielsen will consolidate all its LNG activities into Avenir, including four small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, and the LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.
Avenir LNG plans to source and ship LNG to the terminal using small LNG carriers, and distribute the LNG in trucks and through regasification into the local gas grid.
The companies will invest a total of USD 182 million in Avenir LNG Ltd. In an effort to pursue opportunities to deliver LNG to areas of stranded demand, as well as the development of LNG bunkering capabilities.
Höegh LNG and Golar LNG will each hold an initial share of 25% of Avenir LNG, while Stolt-Nielsen will remain the largest shareholder with ownership of 50%.
The investment will be contributed as cash and equity-in-kind and will fund the construction of six small-scale LNG carriers, a small-scale storage terminal and regasification facilities, the parties explained.
Subsequent to the initial capital raise, Avenir LNG contemplates a public listing at the Oslo Over-The-Counter market during 2018.