April 25, 2024

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[THE INVESTOR] A Samsung Securities-led consortium has invested 800 billion won (US$711.64 million) to take over 39.24 percent stake in Dunkirk LNG import terminal in France, the brokerage arm of Samsung Group said on July 13. 

Samsung-IPM consortium -- composed of IPM Korea, Samsung Securities, Hanwha Investment & Securities, IBK Securities and Samsung Asset Management -- formed an agreement to buy a 75 percent stake in the terminal put up for sale by French energy firms Electricity of France and Total. The remaining 35.76 percent share has been sold to a consortium led by Belgium-based natural gas transmission system operator Fluxys, which includes AXA Investment Managers and Credit Agricole Assurances. Fluxys already owns a 25 percent stake in the terminal. 

Dunkirk LNG Terminal, which began commercial operations in 2017, is the second largest facility in Europe with regasification capacity of between 10 to 13 billion cubic meters per year. It could cover about 20 percent of France and Belgium’s yearly gas consumption. 

Samsung Securities said it will launch infrastructure funds for the resale of its stake to institutional investors and local insurers, offering a range of 7 percent target rate of returns annually.

By Ahn Sung-mi (sahn@heraldcorp.com)