17 August 2013, News Wires – US independent ConocoPhillips says it has closed on a deal to sell its Trinidad & Tobago midstream subsidiary for $600 million.
The biggest independent US oil and gas producer has sold the unit to the National Gas Company of Trinidad & Tobago, NGC.
“The sale of this non-core, midstream asset represents further progress in strengthening and focusing the ConocoPhillips portfolio, and advances the strategic interests of both NGC and ConocoPhillips,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning.
The unit holds a 39% interest in Phoenix Park Gas Processors Ltd, which operates a gas processing and NGL fractionation facility at Point Lisas, Trinidad.
ConocoPhillips said it expects to realise an after-tax gain of some $290 million in the sale.
The sale is part of ConocoPhillips’ effort to divest non-strategic assets. Including the latest deal, proceeds from the programme divestitures programme have come to $14.1 billion this year and last year.
Through the end of the second quarter, ConocoPhillips has received $3.8 billion in proceeds from completed sales, with the remainder expected by the end of the year.
The proceeds will be used for general corporate purposes and to allow the company to “advance existing growth programmes”.