UPDATE 3-Shipper Golar LNG brings back ex-CEO amid push into power market

Tue May 10, 2016 2:16pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Oscar Spieler to replace Gary Smith as CEO

* In talks with pvt equity firm for power investment

* Shares rise as much as 9.4 pct (Adds analyst comment; updates shares)

By Amrutha Gayathri

May 10 (Reuters) - Golar LNG Ltd said former Chief Executive Oscar Spieler would return to the top job as the natural gas shipping company pushes deeper into the Brazilian power generation market to cope with weakness in freight rates.

Sluggish demand for LNG from key markets such as South Korea and Japan, coupled with growing supply of tankers, has hurt rates for transporting the fuel in the past couple of years.

Golar LNG said on Tuesday it was in talks with a private equity firm for investment in Golar Power, which holds an interest in a 1.5 gigawatt power station in Sergipe, Brazil.

Golar LNG shares rose as much as 9.4 percent on Tuesday.

The news comes about two months after the company's joint venture with Brazilian company GenPower Participaçoes said it had reached a preliminary deal with Exxon Mobil Corp for LNG supply to the gas-to-power project in Sergipe.   Continued...