Global miner BHP Group said on Aug. 8 it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago.
Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the company said in a statement.
The remaining interest in the project is held by state-owned Heritage Petroleum and the National Gas Company of Trinidad and Tobago.
“Ruby aligns well with our strategy of maximizing value from our existing assets, bringing competitive near-term value and volume growth,” said Geraldine Slattery, president operations petroleum for BHP.
Crude oil is included on the latest list of US exports to face a tariff.
Tariffs will go into effect along with U.S. tariffs beginning on Sept. 15.
EXIM estimated interest and fee income from the transaction of more than $600 million from a consortium led by Occidental Petroleum Corp.'s recently acquired Anadarko Petroleum Co.