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IN HARD TIME: Tor Olav Trøim faces adversity with Golar Power. Before long, Golar LNG stock plunged on the New York Stock Exchange and fell 50 percent. Photo: Leikny Havik Skjærseth
Oil service
State oil company Petrobras excluded Golar Power in a tender in Brazil, Upstream writes.
According to the newspaper, Golar Power was on the verge of winning the tender, but after top manager Eduardo Antonello is suspected of corruption and money laundering in Brazil, the company was banned. According to a Petrobras press release, Golar’s offer was deemed “high risk.”
The tender was for the lease of a regasification terminal in the Bahia region of Brazil. This terminal is used to receive liquefied natural gas from the ships, convert it into ordinary natural gas and send it through gas pipelines. The plant must be able to handle up to 20 million cubic meters of gas per day.
Golar Power is a jointly owned company of Golar LNG and the Stonepeak Infrastructure Partners acquisition fund.
Massacre of the course
In fact, Golar Power would change its name to Hygo Energy Transition and would be listed as a separate company on Nasdaq. Those plans are now on hold.
Several Golar LNG shareholders have sued the company in the United States because they believe the company should have reported the allegations earlier.
Following the corruption allegations against Eduardo Antonello, investors have minced Golar LNG stock, and the stock has dropped from $ 14 to $ 7.
Tor Olav Trøim is Chairman of the Board of Golar LNG and owns 5.4% of the shares. Antonello is a partner at Trøims Magni Partners.
