Swedish oil refiner Preem AB has revealed that it has sold its subsidiary Preem Gas AB to Denmark-based Kosan Gas Nordic. The transfer was concluded June 14.
Preem AB has revealed that it has divested its subsidiary Preem Gas AB to Denmark-based Kosan Gas Nordic. With a 2016 turnover of around SEK 184 million (≈ EUR 18.87 million) Preem Gas AB is active in the marketing, sale and transportation of gas products with a product portfolio of propane, butane and mixtures between them.
The Nordic gas market is facing a consolidation and we estimate that Preem is not the right player to expand gas operations to the extent that will be required in the future. Therefore it feels good that Kosan Gas, with its solid experience and knowledge, incorporates this activity into its own, said Petter Holland, CEO, Preem in a statement.
The deal covers all activities, including gas products and the ten employees and the transfer took place on June 14. The production and storage of gas products are not included in the subsidiary, or in the divestment, but remains within the parent company, Preem AB.
Preem Gas is a well-known brand and the acquisition means that we can offer biopropane to our Swedish customers. We are convinced that both employees and customers will benefit from the deal, said Per Offersen, CEO, Kosan Gas Nordic.
Facts
About Kosan Gas
Kosan Gas has its roots in the Nordic propane and butane markets having supplied gas for businesses and private consumers for more than 80 years. Today, Kosan Gas is one of the main suppliers in the Nordic region. Kosan Gas is owned by US UGI Corporation. UGI operates LPG companies in the United States and in 16 European countries under the names AmeriGas, AvantiGas, Antargaz, Finagaz and Flaga. In the Nordic countries, Kosan Gas has 80 employees. The head office is located in Aarhus, Denmark.
