Gasum, the Finnish energy gas company, reported a 20 percent rise in LNG revenue for the year 2017, compared to the previous year.
The revenue of the LNG business totaled €195.2 million ($240.9 million) with the increase attributed to an increase in volumes from the previous year’s 5.8 TWh to 6.1 TWh, GAsum said in its report.
The revenue of the business unit accounted for 21 percent of the group’s revenue, and the company anticipates the growth to continue as the most significant investments in the LNG business have been completed.
Speaking of the investment in the LNG business, Gasum’s CEO, Johanna Lamminen said the company improved access to LNG by expanding its filling station network in Finland, Sweden and Norway. The expansion of the filling station network will continue further in 2018.
The price of crude oil was on a clear upward trajectory towards the end of the year, but this only had a slight impact on the price of LNG. Compared with other energy forms, the predictability of LNG price movements is good. In addition to environmental friendliness and inexpensiveness, price predictability is one of the strongest advantages of LNG, Gasum said.
Gasum added it will focus on strengthening the role of LNG and increasing the production of biogas as the market continues to change in 2018.