ConocoPhillips Sells Trinidad Subsidiary For $600 Million
Above: Port of Spain (CJ Photo)
By the Caribbean Journal staff
ConocoPhillips has closed a deal with Trinidad’s National Gas Company to sell its wholly-owned subsidiary, Trinidad and Tobago Holdings, for $600 million.
Trinidad and Tobago Holdings, a limited liability company, holds a 39 percent interest in Phoenix Park Gas Processors. The deal includes “customary adjustments.”
Phoenix Park operates a gas processing and natural gas liquids fractionation plant in Point Lisas, Trinidad.
“The sale of this noncore, midstream asset represents further progress in strengthening and focusing the ConocoPhillips portfolio, and advances the strategic interests of both NGC and ConocoPhillips,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with NGC.”
The company said it expected an after-tax gain of $290 million for the sale.
