Investment firm Global Infrastructure Partners has acquired 25% of Freeport LNG Development, for a total sum of US$ 850 million.
Freeport LNG is currently developing a liquefied natural gas (LNG) export facility on Quintana Island, near Freeport, Texas. ConocoPhillips is a major investor in the LNG project.
According to sources, GIP will buy the stake from funds managed by Australia’s Hastings Funds Management and Zachry American Infrastructure. Hastings also agreed to sell a further 30% interest in the holding company to Freeport LNG’s CEO, Michael Smith, for approximately US$ 250 million.
In 2013, the Freeport venture received approval from the US Department of Energy (DOE) to export LNG ahead of a final decision by the country’s Federal Energy Regulatory Commission (FERC).
Edited from various sources by Katie Woodward