Berkshire Hathaway Energy announces purchase of stake in Cove Point LNG
Published by Poppy Clements,
Assistant Editor
Tanks and Terminals,
Berkshire Hathaway Energy (BHE) has announced it has executed an agreement to purchase Dominion Energy’s 50% limited partnership stake in the Cove Point LNG, LP business.
Subject to applicable regulatory approvals, the purchased interest will be held within BHE GT&S, LLC, a BHE business unit. A subsidiary of BHE GT&S is also the current general partner and operator of the Cove Point natural gas pipeline and its LNG terminal located in Maryland, US.
The transaction is valued at US$3.3 billion. It will be funded with cash on hand, including cash realised from the liquidation of certain investments. Upon closing, BHE will own a 75% limited partnership stake in Cove Point LNG, LP. A subsidiary of Brookfield Infrastructure Partners holds the remaining 25% limited partnership interest in Cove Point LNG, LP.
BHE GT&S President, Paul Ruppert, commented: “We are proud of our operations at Cove Point and are excited for this opportunity to increase our ownership in these facilities. The Cove Point team will continue to focus on providing safe, affordable and reliable service to its valued customers.”
Read the article online at: https://www.tanksterminals.com/terminals/12072023/berkshire-hathaway-energy-announces-purchase-of-stake-in-cove-point-lng/
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