16 August 2013 22:17 [Source: ICIS news]
HOUSTON (ICIS)--ConocoPhillips has completed the sale of its Trinidad and Tobago Holdings subsidiary to the National Gas Company (NGC) for $600m (€450m) plus customary adjustments, the US-headquartered oil and gas major announced on Friday.
Trinidad and Tobago Holdings holds a 39% interest in Phoenix Park Gas Processors Limited (PPGPL), which operates a gas processing and natural gas liquids fractionation facility in Point Lisas, Trinidad.
ConocoPhillips expects to recognise an after-tax gain of approximately $290m for the sale, which is part of the company’s strategy of divesting nonstrategic assets to focus on strengthening its portfolio.
Trinidad and Tobago state-owned NGC purchases, transports and sells natural gas to industrial and commercial users.
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