Northern Marine Ltd
Highly tailored ship and offshore asset management
11th Oct 2021
Together the two companies bring the full range of LNG terminal and logistics expertise from floating storage and regasification units (FSRU) to onshore terminal and fixed jetty solutions. In addition, Stena owns three LNG carriers which it can deploy as Floating Storage Regasification Units (FSRUs) or floating storage, potentially together with innovative jettyless and/or offshore power solutions that do not require onshore facilities.
GES says that LNG is seen as a vital tool in enabling developing economies and emerging markets to switch from traditional sources of energy to lower carbon sources. These economies, such as those in Southeast Asia and Latin America, continue to have a strong demand for gas and power.
Peter Vucins, CEO of GES, says: “This is an exciting and important partnership for GES. We regard LNG as an important transition fuel, especially in emerging markets where there is a strong demand for gas and power and a structural need to switch from coal to lower carbon solutions such as LNG.
"We are also interested in exploring opportunities with regard to blue hydrogen production where LNG is combined with carbon capture to make low carbon hydrogen. The possibility to deploy existing LNG carriers with onshore terminal solutions means that we can move quickly to provide our customers with a full range of solutions.”
Göran Hermansson, Chairman, Stena Power and LNG Solutions says: “At Stena we offer wide-ranging, integrated LNG solutions that provide operational and commercial advantage with increased safety. Our work is underpinned by our values of care, performance and innovation.
“By working with Global Energy Storage, we can share our wide-ranging, industry-specific knowledge to better achieve our mutual objective of delivering more sustainable energy infrastructure solutions to communities across the world.”
Global Energy Storage (GES) was launched in May this year with the intention to invest $250 million with backing from Bluewater, the private equity firm specialising in the energy transition. GES has been set up by the management team from Global Petro Storage (GPS), an independent hydrocarbon storage and logistics company. The team will build on the successful model they developed at the company. The management team will continue to work across both GPS and GES. GES is focussing on key global hubs and growth locations, international cross-linking business, and long-term relationships with top-tier energy suppliers. Its focus will be on low carbon and energy transition fuels and related infrastructure and logistics services.