PitPoint LNG and Primagaz form LNG Joint-venture
17 May 2016
PitPoint Clean Fuels and Primagaz Nederland BV signed an agreement on the takeover of 50% of the shares of PitPoint LNG by Primagaz. This newly formed joint venture will focus entirely on the exploitation of LNG for the automotive and marine market. Both companies will bring their own expertise to form a new, future proof and reliable company that specializes in the extension of the current LNG activities of both players.
This joint venture initially will serve the market under the name of PitPoint LNG. Its short-term ambition is to build five LNG truck stations in the Benelux and two bunker stations for the inland waterways sector. The mid long term target is to develop at least ten truck stations together.
PitPoints contribution will mainly focus on the construction, maintenance and exploitation of the LNG stations, such as the LNG station in Zwolle that recently has been completely renovated.
‘Our long experience with this reliable and environmental-friendly energy gives us at PitPoint the perfect positioning to build and exploit these stations in the most efficient manner and ensures we can build clear advantages of scale in close cooperation with Primagaz,’ states Erik Kemink, CEO of PitPoint.
Primagaz’s contribution is its considerable expertise with regard to sourcing, handling and distribution of LNG.
‘Our extensive network of distribution assets and supply points have given us, as SHV Energy, a leading role in Europe when it comes to fine grained distribution of LNG. We already served PitPoint LNG and the overlap of culture and shared long term vision have led to this joint venture in which we will develop growing markets together,’ states Maarten Bijl, CEO of Primagaz Benelux.
‘LNG is a reliable, silent and cleaner fuel and we strongly believe in the growth of this fuel for the heavy transport sector. The LNG market now needs, probably more than ever, a long term vision that guarantees the development of the infrastructure. The compatibility of both organizations ensures that PitPoint LNG is excellently positioned to play a major role in this market,’ both CEO’s conclude.
This Joint-venture has been notified to the European Commission and both companies expect the approval process to be concluded in the short term.