Dutch commodity trader Vitol said on October 18 that it would acquire a minority stake in Waga Energy as part of the equity sale associated with the French company’s current IPO on Paris Euronext. The two firms have also inked a binding MoU to establish a strategic marketing arrangement. Under the deal, Vitol and Waga Energy will work together on all new projects in Europe for the next five years. Vitol will also get a right of first refusal on all future volumes and enter into ten-year renewable natural gas (RNG) purchase contracts for these projects after they start up.
The investment is aligned with Vitol’s core strategy to build strategic relationships with leading green energy companies to contribute to the development of green energy markets. Vitol expects RNG demand will increase as Europe seeks to cut its carbon footprint. Previously, Vitol took over Liquind, a leading gas-for-transport company in Europe. Under the marketing agreement with Waga, Vitol will take the RNG to the market via the pipeline grid and as LNG.
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Published on October 19, 2021 4:53 PM (GMT+8)Last Updated on October 19, 2021 4:53 PM (GMT+8)
