RWE has sold its 50% share in the US liquefied natural gas (LNG) company Excelerate Energy. The current co-owner, George B. Kaiser, has purchased the shares. The transaction remains subject to approval by the RWE AG Supervisory Board.
In a statement release on RWE's website, Stefan Judisch, CEO of RWE Supply & Trading said: “Excelerate Energy has developed to become a very successful global provider of infrastructure based on special LNG ships with on-board regasification. This business is further developing into a pure LNG infrastructure business and is therefore an ever less integral part of the core activities of RWE.”
Judisch continued: “We will continue to build up RWE’s LNG trading business further. Over the last few years the global LNG market has developed significantly and therefore the possession of LNG assets is no longer a requirement for success in the trading business.”
With the sale of Excelerate Energy, RWE saves the necessary investment and thus implements its asset-light strategy.
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05082013/rwe_sells_shares_in_excelerate_energy/