Dominion Energy Mulls Divesting Stake In Cove Point LNG Project
11.15.2022 By Ella Keskin - NEWS

November 15, 2022 [NS Energy] – The Cove Point LNG project in Chesapeake Bay, Maryland, US is operated by Berkshire Hathaway’s BHE GT&S, which has a 25% stake, while Dominion Energy has a 50% stake and Brookfield Asset Management owns the remaining 25% stake.

 

Dominion Energy is reportedly mulling to sell its stake of 50% in the Cove Point LNG project, a gas liquefaction facility in Lusby, Maryland, US.

In this regard, the company is engaging with advisers to seek interest from infrastructure funds and other potential suitors reported Bloomberg News, citing undisclosed sources having information on the matter.

Dominion Energy’s stake in the liquefied natural gas (LNG) project in the Chesapeake Bay could be multibillion-dollar worth.

Currently, discussions about the sale of the stake are at an initial stage, and Dominion Energy may still decide to retain the 50% stake, said the sources.

The Cove Point LNG project is operated by Berkshire Hathaway’s BHE GT&S, which has a 25% stake. The remaining 25% stake in the LNG facility is held by Brookfield Asset Management.

The LNG export facility is said to be the first such facility on the US East Coast. Its storage capacity is 14.6 billion cubic feet (BCF), while its daily send-out capacity is 1.8BCF.

The LNG terminal connects through its own pipeline to key Mid-Atlantic gas transmission systems of Transcontinental Gas Pipeline, Eastern Gas Transmission and Storage, and Columbia Gas Transmission.

Last week, Dominion Energy CEO Bob Blue said that the company has launched a ‘top-to-bottom’ business review aimed at ensuring that it is best positioned to generate substantial long-term value for shareholders.

The company’s net income for the three months ended 30 September 2022 was $778m, compared to $654m for the same period in the previous year.

 


Pro Trial: Access 11,340 Tank Terminal and Production Facilities

11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Woodfield Systems to Invest $100 Mn for Manufacturing in India
03.01.2024 - NEWS
March 1, 2024 [Business Line]- The company currently has two plants in Maharashtra and has a thir... Read More
ExxonMobil, Shell to Work with Singapore on Carbon Capture and Storage Project
03.01.2024 - NEWS
March 1, 2024 [Investing]- Global energy majors Exxon Mobil and Shell will work with Singapore to... Read More
Chevron Announces its First Solar-to-Hydrogen Production Project in California’s Central Valley
03.01.2024 - NEWS
March 1, 2024 [Chevron]- Chevron New Energies, a division of Chevron U.S.A. Inc., announced it is... Read More
Sempra Targets Cameron LNG Expansion FID in H1 2025
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- US LNG exporter Sempra Infrastructure, a unit of Sempra, expects t... Read More