Berkshire Hathaway Wraps up $3.3 Billion Cove Point LNG Deal
09.04.2023 By Tank Terminals - NEWS

September 4, 2023 [LNG Prime]- A unit of Warren Buffett’s Berkshire Hathaway has boosted its stake in the Cove Point liquefied natural gas (LNG) export terminal in Maryland after it completed the previously announced $3.3 billion deal with Dominion Energy.

 

In July, Dominion agreed to sell its 50 percent noncontrolling limited partner interest in Cove Point LNG, to Berkshire Hathaway Energy, which operates the facility and owns a 100 percent general partner and 25 percent limited partner interest.

Berkshire Hathaway Energy announced in a statement on Friday it has completed the purchase, resulting in a total ownership interest of 75 percent.

The ownership interest is held within BHE GT&S, a Berkshire Hathaway Energy business unit.

A subsidiary of Brookfield Infrastructure Partners holds the remaining 25 percent limited partnership interest in Cove Point LNG.

Last year, the Cove Point LNG plant shipped its 300th cargo since it started commercial liquefaction operations in April 2018.

It consists of an LNG import and export terminal in Calvert County, Maryland, and associated pipeline facilities.

The plant has a storage capacity of 14.6 billion cubic feet and a daily sendout capacity of 1.8 bcf, or about 5.25 million tons of LNG per year coming from one liquefaction unit.

 

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