LNG

Sempra has agreed to divest a 45% stake in its infrastructure arm to KKR and CPP Investments for $10 billion. By ceding majority control of its LNG export and midstream assets, Sempra’s future earnings will mostly come form regulated utilities.

Sept 28 (LNGJ) - Sempra Energy, owner of the Cameron LNG export plant in Louisiana and the Costa Azul project in Mexico, has received all third-party approvals and satisfied all material closing conditions of the agreement to sell a 20 percent non-controlling interest in Sempra Infrastructure to US investment fund Kohlberg Kravis Roberts, now known as just KKR, for $3.37 billion in cash.

   The last move was the de-listing from the Mexican stock exchange of subsidiary, Infraestructura Energética Nova (IEnova), the owner of the Costa Azul venture and pipeline and energy assets in Mexico. The new Sempra North American LNG and gas platform called Sempra Infrastructure Partners will group the San Diego, California-based company’s subsidiaries currently held by Sempra LNG and the IEnova unit.

TC Energy will close the sale of a majority stake in the Coastal GasLink Pipeline to two equity funds by June and will also offer 20 Canadian First Nations a 10 percent share of the project to bring feed-gas for LNG processing on the Pacific Coast of British Columbia.

US equity fund Kohlberg Kravis Roberts, now known as KKR, said it had purchased a stake in the Canadian pipeline that will transport shale-gas from northeast British Columbia to the proposed Royal Dutch Shell-led LNG Canada export project at Kitimat.