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Golar LNG announces sale of assets

Published by , Senior Editor
Hydrocarbon Engineering,

Golar LNG Ltd (GLNG) has announced the completion of its sales of Hygo, a 50-50 joint venture between GLNG and Stonepeak Infrastructure Fund II Cayman (G) Ltd, a fund managed by Stonepeak Infrastructure Partners (Stonepeak), and Golar LNG Partners LP.

“The NFE transactions have simplified the group structure and crystalised part of the value of our downstream business” said GLNG Chairman Tor Olav Troim. “We are impressed with what the Chairman and CEO, Wes Edens, and his team in NFE have created over the last five years. They have, through dynamic, fast track solutions to the energy transition, outcompeted the traditional energy companies. Golar is excited to become a major shareholder in NFE and working even more closely with NFE. NFE’s expanded portfolio of cash generating assets and international project opportunities in the advanced stages of development put them in a strong position to accelerate the realisation of the profitable growth ambitions Golar has for its downstream business.

“Golar has materially strengthened its balance sheet as a result of the NFE transactions. This coincides with rising energy prices, and with a global focus on cleaner energy. Golar is now in a strong position to use its unique FLNG capability and experience to produce low cost LNG and meet this rapidly expanding opportunity. This can take place through tariff-based production for oil and gas companies, but can also be achieved through direct gas ownership. The cost of buying or farming into proven reserves of stranded or associated gas is currently very attractive. Together with our proven FLNG technology, this creates an opportunity for Golar to be a leading low-cost producer of LNG with very attractive earnings potential. The Board is further encouraged by the improving market conditions for the midstream shipping business and the opportunities this might create to separate our midstream and upstream businesses.”

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Downstream news