Norway’s Stolt-Nielsen enters LPG transport JV with Sungas

19 November 2010 09:24  [Source: ICIS news]

SINGAPORE (ICIS)--Norwegian shipping company Stolt-Nielsen said on Friday it will sell 50% of liquefied petroleum gas (LPG) transporter Avance Gas Holdings to Sungas Holdings for an undisclosed amount.

Stolt Nielsen owns Avance Gas through its subsidiary, Stolt-Nielsen Gas. Sungas, meanwhile, is controlled by a private Saudi Arabian investor.

As part of the joint venture deal, Avance Gas would be acquiring three very large gas carriers (VLGCs) from Sungas, Stolt-Nielsen said in a statement. Financial details of the transactions were not provided.

The transaction was expected to close in December this year, "subject to due diligence and merger clearance", according to the statement.

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By: Nurluqman Suratman

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