LNG Gorskaya Overseas Inks Financing Deal for European LNG Bunkering Centres

Wednesday March 8, 2017

LNG Gorskaya LLC (LNG Gorskaya) has announced that its subsidiary LNG Gorskaya Overseas Ou (LNG Gorskaya Overseas) has signed an agreement with London-based Kinlan Communications & Investor Relations (Kinlan) to finance the construction of liquefied natural gas (LNG) bunkering centres in Estonia, Germany, Latvia, Sweden, and Finland.

Under the agreement, in May and June 2017, LNG Gorskaya Overseas will obtain €19 million ($20.04 million) through the placement of additional shares and convertible bonds.

Each LNG bunkering centre is expected to include a 5,500 cubic metre (cbm) capacity floating storage facility, a berth for bunkering ships, as well as 1,300 cbm bunkering vessels intended to conduct bunkering operations at the harbour and offshore facilities.

In January, LNG Gorskaya Overseas announced that it had signed a letter of intent (LOI) with Estonia's Port of Pärnu for the development of a LNG centre at the harbour.

Also in January, LNG Gorskaya were reported to have signed an agreement with the Port of St. Petersburg's Sea (Marine) Facade passenger port for the development of a LNG bunkering infrastructure.