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.
Follow Tracy on Twitter
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections