Green freeport the Port of Nigg has been sold to Japanese conglomerate Mitsui – which has vowed to keep developing the complex as “a critical infrastructure asset within the UK’s energy transition”.
Global Energy Group (GEG) has agreed to sell three of its group companies – including The Port of Nigg – to long term investor, Mitsui & Co. Europe (Mitsui), a subsidiary of Mitsui & Co,. alongside Mitsui O.S.K. Lines Ltd (MOL).
As well as the port, which GEG calls “a world-class multi-sector energy port and green freeport”, the deal includes multi-site fabrication and manufacturing business Global Energy (Fabrication) and scaffold and access specialist Global Energy Services. The new owners plan to invest in the port, including expanding manufacturing capacity and quayside infrastructure.
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Mitsui has a workforce of some 56,400 across 60 countries, working in sectors, including energy and infrastructure. This is the group’s first investment in a Scottish port. Co-investor MOL is a global shipping and logistics provider with expertise in offshore and renewable energy.
Mitsui first invested in Roy MacGregor’s GEG (Holding) Limited in 2012, taking a 25.5% stake. Once this deal is complete, Mitsui will own 51% and MOL 49% of the three companies.
After the sale of the three businesses, Roy MacGregor’s Inverness-based GEG (Holding) Limited will continue to offer services at the port through its supply chain companies, Global Port Services, Global Crane Services, and Global Wind Projects, as well as supplying labour on a project-by-project basis. Aberdeen-based energy engineering company, Apollo, also remains part of the Global Energy Group portfolio.
GEG Holding will keep the rights to the Global Energy Group name and will continue to operate from sites including the Port of Nigg and Invergordon Port Facility, as well as retaining offices in Inverness, Aberdeen and Edinburgh.
Roy MacGregor said: “We are hugely proud to be passing on the baton at The Port of Nigg having spent much of the last decade establishing it as a truly world class multi energy facility. Having worked closely with our trusted investor, Mitsui, since 2012 we believe the time is right to let them drive the next stage of development at Nigg – and we believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands.
“Under their guidance the port will continue to grow and develop – providing long term, secure, skilled employment opportunities for generations to come, as well as driving Scotland’s energy transition. We look forward to continuing to work with them through our companies that service and deliver projects at the port, including Global Port Services, Global Crane Services, Global Wind Projects.”