Finnish Gasum Gains on Gas

The role of gas will increase, above all in maritime transport and heavy-duty road transport, the CEO of Finnish state Gasum Johanna Lamminen said March 11, announcing its annual results.

She said action to curb climate change calls for a transition to cleaner solutions. Gas also offers industrial operators an excellent alternative in their efforts to achieve their emission targets.

Gasum's financial performance improved in line with  expectations, with full year revenue up 27% to €1.178bn ($1.3bn). Its operating profit was €124.2mn, up 8.8% year on year.

She said Gasum would invest strongly in the development of the Nordic gas market and infrastructure, helping the Nordic countries to reach the emission targets set. Demand for clean gas solutions is increasing strongly and the total sales volumes of gas are projected to grow, which will also ensure positive development in the company’s revenue and profitability.

Last year Gasum said it would build a network of 50 filling stations in Finland, Sweden and Norway to serve heavy-duty vehicles. And it bought the energy market services business of Enegia. The acquisition improves its opportunities to provide well-functioning energy solutions to an even broader spectrum of customers in the Nordic countries and that way strengthen its position in the energy market, she said.

And it boosted its shareholding in our subsidiary Skangas from 70% to 100% in October 2018. This was part of the Gasum strategy with the development of the Nordic gas market and LNG infrastructure at its core. 

In 2018 Gasum made preparations for the opening up of the Finnish gas market effective from the beginning of 2020, she said. At the moment all its gas comes from Russia, allowing it an extension; but it is building a mostly Europen Union funded pipeline from Estonia, the Balticconnector, to allow it broader access to gas.