Molgas Fully Acquires LNG Bunker Supplier Titan

After the integration Molgas will operate a fleet of seven LNG bunkering vessels. Image Credit: Molgas Energy Group

Gas firm Molgas Energy Group has completed its full acquisition of Titan Clean Fuels, a leading supplier of LNG as a bunker fuel.

The full acquisition of parent company Titan Energy Holding, backed by infrastructure investor InfraVia, has now been finalised, the companies said in an emailed statement on Tuesday.

The move follows Molgas taking a 45% stake in Titan in December 2023.

Titan's LNG bunkering operations will be merged with Molgas's existing operations in Norway, and all of the two firms' truck-to-ship operations across Norway and continental Europe will be combined.

After the integration Molgas will operate a fleet of seven LNG bunkering vessels.

Niels den Nijs, currently CEO of Titan, will lead Molgas's marine business as executive vice president, overseeing all marine actrivities.

"Niels and the Titan team started as true pioneers, showing remarkable innovation and have grown Titan into one of the sector's most reliable LNG bunkering operators," Sofoklis Papanikolaou, CEO of Molgas, said in the statement.

"The success of our initial collaboration laid the groundwork for this acquisition, which significantly extends our reach and capabilities.

"We are welcoming to the group a very experienced team, with leading specific expertise in marine fuels and decarbonisation.

"Together, we will build a robust platform to deliver LNG and bio-LNG solutions across Europe and beyond."

The acquisition comes at a time when conventional bunkering firms have exercised caution about their entry into the space for LNG as a marine fuel. Last week Bunker Holding announced a pause in plans for LNG bunker physical supply, while Monjasa made a similar announcement about LNG plans in the Middle East in May.