China Investment Corporation (CIC) signed off on an agreement to purchase the 10% interest in Train 1 of Atlantic LNG at Point Fortin that was owned by GDF Suez.
A mid-term agreement was signed last November. During the week of Nov. 12, the final signing took place in Port of Spain between representatives of GDF Suez and CIC, according to a local newspaper.
The acquisition by CIC was part of an exchange investment in Asia in which GDF Suez relinquished its interest in Atlantic’s Train 1.
The companies signed a memorandum of understanding on Aug. 10, 2011, for cooperation across multiple businesses, including gas, power, water and wastewater, and energy efficiency services. As part of the transaction, CIC was to GDF Suez’s stake in the Atlantic LNG liquefaction plant located in Trinidad and Tobago for $850 million, according to CIC.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.