Molgas completes Titan acquisition

SPANISH energy company Molgas has completed its acquisition of Titan Energy Holding, and as a result LNG bunker provider Titan Clean Fuels.

Molgas, which had held a 45% minority stake, called the acquisition a “major step forward in the group’s strategic growth in the clean marine fuels sector”.

The deal means Molgas will operate Titan’s fleet of seven LNG bunkering vessels and its truck-to-ship network across Norway and continental Europe.

Molgas said its move comes at a time of “accelerating momentum for clean fuels”.

“LNG and bio-LNG are increasingly recognised as scalable, low-emission alternatives” that could play a “vital role” in decarbonising shipping.

Titan chief executive Niels den Nijs said his company and Molgas will “scale our clean fuel solutions for the maritime sector at a time of accelerating demand and regulatory tail winds”.

Following the completion of the acquisition, den Nijs will lead Molgas’ Marine Business as executive vice-president and oversee all ship-to-ship and truck-to-ship bunkering operations across Europe.