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Marquard & Bahls' subsidiary Bomin and Linde to establish joint venture in liquefied natural gas for the marine market
Linde AG / Marquard & Bahls' subsidiary Bomin and Linde to establish joint venture in liquefied natural gas for the marine market . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Munich, 6 August 2012 - Marquard & Bahls through its subsidiary Bomin, a leading provider of marine fuels, and technology company The Linde Group today announced that they will establish a joint venture company in order to build an infrastructure for liquefied natural gas (LNG) in the maritime sector in Europe. The transaction is subject to the approval of the relevant antitrust authorities. The 50/50 joint venture company is due to start its operations in the latter part of 2012 with its headquarters in Hamburg.
The new joint venture will set out to establish an LNG supply chain and to provide reliable, safe and environmentally friendly fuel to ship owners and operators. Bomin and Linde will bring in their respecttive know how and experiences in the field of LNG. Linde will contribute its vast experience in cryogenics and its best in class engineering know-how while Bomin will support the joint venture with its excellent track record in maritime bunker fuel trading and operations. The new company will establish operations in a number of key ports throughout the so-called "Emission Control Areas" (ECAs) in North-West Europe. Vessel emissions in ECAs will have to be reduced further on January 1st 2015, forcing ship owners to limit their sulphur emissions drastically. In particular compared to conventional heavy fuel oil, LNG offers close to 100 per cent reduction of emissions in sulphur and particulate matter, an 80-85 per cent reduction of nitrogen oxides (NOx) and 20-25 per cent less CO2 emissions. The use of LNG as a solution for meeting the increasingly strict regulations requires a network of LNG storage facilities to be set up for the bunkering of vessels in main European harbours.
"With the new joint venture company we want to offer LNG to ship owners as an alternative energy source with a lower environmental impact than traditional bunker fuels. The know-how combination of Bomin and Linde will enable us to offer attractive solutions in this emerging market", says Dr Claus-Georg Nette, Member of the Executive Board of Marquard & Bahls AG.
"Bomin is committed to the bunker business on a global scale. Combining our expertise in bunkering with Linde's gases and engineering know-how adds support to the emerging LNG-fuel market. As this partnership shows, Bomin is determined to remain innovative, offering multiple fuelling solutions wherever we can", says Peter Schreiber, Chief Executive Officer of the Bomin Group.
"A readily available and cost-effective LNG infrastructure is key to the development of LNG as a maritime fuel," says Professor Dr Aldo Belloni, Member of the Executive Board of Linde AG. "This new joint venture underpins our LNG strategy, already visible in our recent opening of the LNG terminal in Stockholm harbour and our study for the introduction of LNG with the Hamburg Port Authority." Earlier this year, Linde also won the LNG delivery contract for the natural gas-powered "Viking Grace" ferry - the first of its kind - from the Finland-based Viking Line.
Global demand for LNG is expected to increase by more than 10 per cent per year, making it the fastest growing energy product in the world. In 2015, some 70 vessels are expected to run on LNG in the Nordic region. According to a study by the Danish Maritime Authority the consumption potential of LNG is estimated to reach approximately 4 million tonnes by 2020.
The Linde Group is a world-leading gases and engineering company with around 51,000 employees in more than 100 countries worldwide. In the 2011 financial year, it achieved sales of EUR 13.787 bn. The strategy of The Linde Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment - in every one of its business areas, regions and locations across the globe. The Group is committed to technologies and products that unite the goals of customer value and sustainable development.
Under the "Clean Technology by Linde " label, the company offers a wide range of products and technologies that help to render renewable energy sources financially viable, and significantly slow down the depletion of fossil resources or reduce the level of CO2 emitted. This ranges from specialty gases for solar module manufacturing, industrial-scale CO2 separation and application technologies to alternative fuels and energy carriers such as liquefied natural gas (LNG) and hydrogen.
Bomin is one of the leading independent bunker traders and suppliers of the world with more than 35 years of experience. The business portfolio covers activities ranging from the supply of bunker fuels to lubricants and other services to the shipping industry. The company operates around the globe with a staff of more than 300 in 36 offices worldwide. Bomin is owned at 100 per cent by Mabanaft, an importer, wholesaler and retailer of petroleum products, which belongs to the Marquard & Bahls group, headquartered in Hamburg, Germany.
Marquard & Bahls is a leading independent petroleum company, privately owned. The core activities include oil trading, tank storage, aviation fuelling and renewable energies. Furthermore, the company is engaged in gas supply and petroleum analysis. Through its subsidiaries, Marquard & Bahls is represented in Europe, America, Asia and Africa. The company has around 8,300 employees worldwide and generated a turnover of EUR 17.3 bn in 2011.
| Michael Rebbelmund|
Phone: +49.40. 35 09 30
Dr. Thomas Hagn
The Linde Group
Telefon: +49.89.35757-13 23
The Linde Group
Telefon: +49.89.35757-13 28
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Source: Linde AG via Thomson Reuters ONE
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