Cryopeak LNG Solutions has announced a merger and acquisition (M&A) to bolster its LNG operations in Canada.
Cryopeak LNG Solutions has merged operations with Ferus Natural Gas Fuels to create a new LNG production and distribution technology company, Cryopeak Energy Solutions (Cryopeak).
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The company also acquired all LNG assets from Campus Energy Partners Infrastructure, including a regional LNG production facility in Dawson Creek, British Columbia.
Cryopeak LNG Solutions claimed that following the M&A, it has emerged as the largest private, vertically integrated LNG producer and service provider in Canada.
As per the announcement, through this expansion Cryopeak will manage three LNG production facilities in Western Canada and operate the nation’s largest fleet of LNG transportation, mobile storage and regasification equipment.
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This move is expected to bolster the supply chain for LNG, catering to increasing demand for lower-carbon fuels in off-grid industries and remote communities.
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By GlobalDataThe M&A also aligns with Cryopeak’s strategy to lead in the LNG production, distribution and technology solutions sector within Canada.
Cryopeak Energy Solutions CEO Calum McClure said: “We are very excited with the merger and acquisition, which supports Cryopeak in its goal of being a leader in the growing LNG market.
“With increased production capacity and diverse equipment portfolio, Cryopeak is uniquely positioned to support our customers to integrate LNG safely and efficiently into their operations.”
On the Canadian LNG front, the Cedar LNG project, a joint venture between the Haisla Nation and Pembina Pipeline, made progress last month by awarding a key contract.
The contract was awarded to Samsung Heavy Industries and Black & Veatch for the engineering, procurement, and construction of its floating LNG production unit.
Situated in Kitimat, within the Haisla Nation’s traditional territory, Cedar LNG aims to utilise renewable electricity from BC Hydro for its operations.
