NorthStar Midstream, a portfolio company of Oaktree Capital Management, has launched a new marine transportation company, Polaris New Energy.
Polaris New Energy will transport and distribute LNG along the coast and inland waterways of the United States, according to NorthStar.
In addition, NorthStar has entered an agreement with Fincantieri Bay Shipbuilding to construct a 5,400-cubic-meter barge to transport LNG along the coast, with the possibility to construct two sister barges.
“Entry into the U.S. LNG transportation vessel market has been a strategic interest of our organization,” said Todd Thayse, vice president and general manager of Fincantieri. “As we put this project into place, we will bring the expertise of Fincantieri and our own designs to the LNG market.”
The move also marks the first step in NorthStar and Oaktree’s strategy to build a platform of LNG logistic solutions, according to Tim Casey, executive president of LNG for NorthStar.
NorthStar’s dealings involve Eagle Ford shale, Bakken shale and LNG, operating out of Texas, North Dakota and Florida.
Polaris New Energy will source LNG from JAX LNG, a new state-of-the-art LNG production facility in Jacksonville, Fla., created through a partnership between NorthStar and Pivotal LNG.
