According to Reuters, ENN – a Chinese private gas distributor – has agreed to purchase an 11.7% stake in Australia’s Santos Ltd. The purchase will cost ENN US$750 million and will be acquired from Hony Capital. Reuters reports that Hony acquired most of its stake in Santos in November 2015 for AUS$700 million. The US$750 million that ENN is paying is significantly more.
Wan Yusuo, the Chairman of ENN Group, reportedly said: “This introduction to the upstream sector takes us a step forward in our aim to generate value across the entire natural gas value chain, and allows us to learn and build experience.”
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/24032016/enn-purchases-stake-in-santos-2180/