ConocoPhillips reported it has closed a transaction with National Gas Co. of Trinidad & Tobago Ltd. (NGC) for the sale of its wholly owned subsidiary Trinidad & Tobago Holdings LLC (TTH) for $600 million. ConocoPhillips made the initial decision to pull out of the Caribbean twin-island nation in late-2003 (OGJ Online, Oct. 30, 2003).
TTH holds a 39% interest in Phoenix Park Gas Processors Ltd., which operates a gas processing and natural gas liquids fractionation facility at Point Lisas.
“The sale of this noncore, 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.
ConocoPhillips expects to recognize an aftertax gain of $290 million for the sale.
Including this transaction, ConocoPhillips has announced expected proceeds of $14.1 billion from the sale of nonstrategic assets as part of its 2012-13 asset disposition program. Through June 30, the company has received $3.8 billion in proceeds from completed sales, with the remainder expected by yearend.