The Board of ENN Energy Holdings Ltd has announced that it intends to sell its 45% and 100% equity interests in the Beihai and Qinshui LNG processing plants, respectively, to Xinneng Mining Company Limited - a wholly owned subsidiary of Hebei Veyong.
Terms of the potential disposal have not been agreed, but ENN Energy Holdings Ltd confirmed that valuation work by an independent valuer will be commenced shortly to facilitate the negotiation of such terms.
Any deal is subject to all necessary authorisations and approvals requirements, including but not limited to, the respective approvals of the potential disposal by the independent shareholders of both parties, if applicable.
ENN Energy Holdings Ltd intends to restructure its business portfolio by the disposal of its interests in the Beihai and Qinshui LNG processing plants, so as to focus the application of its resources to the development of its core downstream operations.
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/21072014/enn-looks-to-sell-lng-interests-1033/