Berkshire Hathaway Energy has agreed to buy out Dominion Energy Inc.’s interest. The deal will increase the company’s limited partnership ownership of the terminal to 75%.
The company that runs Warren Buffett, Berkshire Hathaway does not stop expanding and this time, it decided to expand its investments towards a key strategic sector linked to the energy.
Berkshire Hathaway Energy agreed to purchase the interest of Dominion Energy Inc. in an export project natural gas liquidated from Maryland for US$3.3 billion.
The deal will increase the company’s limited partnership ownership of the terminal to 75%, with a unit of Brookfield Infrastructure Partners holding the remaining 25%, Warren Buffett’s Berkshire said in a statement.
Berkshire Hathaway Inc. first acquired a stake in a train export facility with an annual export capacity of 5.25 million tons in 2020. The deal will give Berkshire control of one of the seven operating facilities of USA that can export LNG at a time when fuel has taken on greater economic and geopolitical importance.
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ON HOLD. Russian gas shipments to Europe have been interrupted for ten days due to a technical stoppage and, in theory, they should resume today. The EU fears that Vladimir Putin decides to tighten the energy siege further.
The sharp increase in gas in 2022
The prices of natural gas they surged in 2022 following the invasion of Ukraine, and US exports of the liquefied form of the fuel helped prop up Western European economies after Russia cut off supplies.
Cove Point LNG has long-term contracts with companies including Tokyo Gas Co. and Sumitomo Corp. Dominion said in a separate statement that it will use the proceeds to pay down debt. Dominion, which has been conducting a business review, has said it plans to host an investor day in the third quarter to provide an updated strategic and financial perspective.
Source: Ambito
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