Sojitz Acquires First State Regasificadora

Published: Oct 30 2017
Deal Summary

Sojitz Corporation, a trading company, acquired First State Regasificadora SLU, a company that owns 15% stake in Regasificadora del Noroeste S.A. (Reganosa).

Reganosa operates a liquefied natural gas (LNG) terminal, which is located in Mugardos, northwest of Spain. The terminal will be used as an LNG bunkering station for ships using LNG as marine fuel. Sojitz will use its LNG expertise and other businesses experience to support the further development of the terminal.

Following the transaction, First State Regasificadora is renamed to Sojitz Regasificadora S.L.U. (SR). The partners in the Reganosa are Sojitz (15%), Tojeiro Group (50.69%), Government of Galicia (24.31%), Sonatrach (10%).

The transaction enables Sojitz to enter into the business of LNG terminals in Europe.

Sojitz said in a statement, “Sojitz will contribute its LNG expertise and other businesses experience gained through a wide range of general trading operations, to support the further development of the Mugardos LNG Terminal. The company will continue to develop its global LNG business with a focus on LNG receiving and liquefaction terminals, and will look at expanding its LNG receiving terminal business into ASEAN and other countries in South Asia, and to also develop its LNG liquefaction business to help create a stable energy supply for Japan, the world’s largest importer of LNG.”

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