LNG

PetroChina is considering divesting part of its 15% share in LNG Canada Development Inc. in Kitimat, British Columbia, to help finance a planned Phase 2 expansion of the liquefaction project, people familiar with the matter told Bloomberg. The Chinese state-owned producer, which is working with an adviser to gauge buyer interest, may reduce its holding gradually through several smaller transactions.

Japan’s second largest oil refiner Idemitsu Kosan has announced a $500 million investment in MidOcean Energy in a bid to enter the global LNG business. Idemitsu’s equity raise in MidOcean forms part of a $1.2 billion equity raise, with funds targeted at expanding LNG projects in Australia, Canada, South America.

Japanese trading company Mitsui & Co is in advanced negotiations to buy a minority stake in Qatar’s North Field South LNG expansion, a 16 mtpa liquefaction project being developed at an estimated cost of $17.5 billion. The deal would give Mitsui access to one of the world’s lowest-cost LNG developments.

Shell is weighing options to raise capital for the second phase of its flagship LNG Canada project, including a potential sale of part of its equity stake in the C$40 billion export terminal. People familiar with the talks noted any sell-down is likely to be structured as a project‑level transaction that combines equity and non‑recourse project finance, rather than a full exit from the project.

Japan’s leading utility JERA has shipped the first LNG cargo from Australia’s Barossa gas project, with processed loaded from the revamped Darwin LNG export plant in the Northern Territory. JERA holds a 12.5 percent stake in the project and is eligible to offtake approximately 425,000 tonnes of LNG annually, in line with its equity share.

ADNOC’s finance arm, XRG will raise its stake in Rio Grande LNG project by buying another 7.6% stake in Trains 4 and 5 from the BlackRock affiliate Global Infrastructure Partners (GIP). The acquisition adds to XRG’s existing 11.7% interest in the project's first three Trains.

Prime Infrastructure Capital has completed its $850 million (PHP 50 billion) acquisition of a 60% stake in First Gen’s gas subsidiaries, giving it control of the Batangas LNG import terminal and more than 3,200 MW of gas-fired capacity.

Australian energy major Woodside Energy has given New York-listed Williams a 10% stake in the Louisiana LNG holding company along with 80% of the Driftwood pipeline, for $378 million. Woodside CEO Meg O’Neill said she seeks to bring more investors into the $17.5 billion Louisiana LNG project.

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.