Samsung C&T, the construction and trading subsidiary of Samsung Group, took over a leading liquefied gas handling firm to take the lead in the prosperous natural gas market.

The company last month signed a stock purchase agreement to acquire Whessoe, a U.K.-based firm specializing in the storage and regasification of liquefied natural gas, officials said Tuesday. The estimated amount of the buy is around 20 billion won ($18 million).

The acquisition was completed on Monday, after Samsung C&T cleared all procedures such as the takeover of Whessoe’s stock shares, business reports and infrastructure.

Whessoe, founded in 1790, was the first company in the world to design a LNG station and is renowned for its technological excellence in regasification. It currently owns 6 percent of global LNG projects and 13 percent of related tank design deals.

It also participated in the LNG terminal project in Pyeongtaek, Gyeonggi Province and a similar project in Mexico, both led by Samsung C&T as an investor.

By taking over the gas specialist, Samsung C&T is seeking to expand its overseas energy market and to secure a new business growth engine.

“The company’s overseas deals mostly involve the Middle East and Asia, but with the help of Whessoe’s LNG storage and regasification skills, we hope to move onto Europe and North Africa,” said an official.

The acquisition is also expected to boost the ongoing LNG station project in Singapore, which amounts to 1 trillion won.

“We have now secured a footing to achieve our corporate vision for the year 2020, which is to leap into a global leading company,” said Jung Yeong-joo, vice chairman and CEO of Samsung C&T.

“We will maximize the synergy between Samsung C&T and Whessoe and use the momentum to develop our market.”

Upon the rise of shale gas, demands for LNG facilities have been increasing over the years. The total amount of related deals is expected to reach the $50 billion level by 2020, officials said.

By Bae Hyun-jung (tellme@heraldcorp.com)