CIC Negotiating for GDF SUEZ E&P Stake
China Investment Corporation (CIC) and GDF SUEZ on Aug. 10 signed a Memorandum of Understanding for cooperation across multiple businesses (gas, power, water and waste, and energy efficiency services) and regions (in particular in Asia Pacific).
As the first milestone of this cooperation, CIC is in advanced exclusive talks with GDF SUEZ regarding a USD 3.15 billion minority investment in the exploration & production division of GDF SUEZ (“GDF SUEZ E&P”). GDF SUEZ E&P accounted for 2.6% of GDF SUEZ’s aggregate revenues in 2010, 10% in EBITDA terms. CIC will own 30% of GDF SUEZ E&P. As part of the transaction, CIC would also acquire GDF SUEZ’s stake in the Atlantic LNG liquefaction plant located in Trinidad and Tobago for an amount of USD 850 million.
- UK Awards 27 Blocks for Shale Exploration in Latest Licensing Round (Aug 18)
- European Majors Team Up to Explore Arctic (Apr 21)
- GDF Suez Says Natural Gas Discovery Made in Southeast Algeria (Apr 20)