The Norwegian subsidiary of energy firm Shell has sold its downstream liquefied natural gas (LNG) subsidiary Gasnor to Madrid-based Molgas Energy Holding for an undisclosed sum, it said on Thursday.
The transaction transfers all of Norske Shell’s complete shareholding in Gasnor to Molgas and includes all of Gasnor’s assets and 52 staff, it said.
Gasnor is a downstream LNG company with small scale LNG production facilities headquartered in Avaldsnes, Norway.
Shell has owned the firm since 2012.
The transaction has an effective date of Jan 1 2020.
The sale of Gasnor has no effect on the operations or organisation of Norske Shell, it said.
The divestment also does not affect Shell’s interests in Shell’s LNG Gibraltar terminal, where Gasnor will continue to provide operator services.
Molgas is owned by InfraVia, a French independent private equity firm specialising in infrastructure and technology investments.
