SKEL investments
SKEL investments is a holding company with a portfolio of companies in the energy and retail industry. It focuses on long-term value creation in its investments. The company is listed on the Icelandic stock market.
Investors
The Board of Directors and management of SKEL investments place great emphasis on the company’s operations being guided by good governance. Good governance is, in the opinion of the Board and management, the basis of trust and responsible management, but each contributes to good decision-making and good communication between shareholders, the Board, employees and other stakeholders of the company.
Portfolio
The Orkan IS Group began operations on 1 December 2021. Its brands are: Orkan, Löður, Gló, Lyfsalinn, Lyfjaval, 10-11, Extra and Íslenska vetnisfélagið. Orkan also owns shares in Brauð & Co., Wedo (Heimkaup) and Sbarro. Orkan IS’s goal is to create service stations and stores that serve our customers in a smart, efficient and environmentally friendly way.
Skeljungur operations started on 1 December 2021. The company focuses on sales, distribution, purchasing and wholesale of fuel, lubricants, cleaning and chemical products, fertilisers as well as other products and services to companies and farmers. Services and sales to large-scale users, shipping companies, aviation and contracting are also part of the operations. Skeljungur is also Shell’s agent in Iceland, in addition to its ownership of Barki, EAK and Fjölver.
Gallon was established to manage the part of Skeljungur’s operations which involved the operation of fuel supply stations throughout the country as well as the operation of fuel supply stations at airports. This includes i.a. reception of supply vessels, delivery to ships and for oil trucks. Gallon owns EBK and Tollvörugeymslan.
In conjunction with the sale of P/F Magn, Skeljungur reinvested part of the sale value in Sp/f Orkufelagið, and Skeljungur now owns a 48% share in that company. Orkufelagið’s goal is to become a leader in all energy cycles (full cycle) in the Faroe Islands. The company employs an experienced team in energy matters and professionals in retail. The Faroese government has set a goal of 100% renewable electricity by 2030. The company will use the energy switching and the free Faroese energy market to explore investments in wind, solar, geothermal and district heating (deep drilling); natural gas; and distribution and storage.