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ENN purchases 11.7% stake in Santos

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LNG Industry,

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

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