Apache Corporation to Sell Its Kitimat LNG Stake
Posted on Jul 31, 2014 in LNG Exports, Markets and Competition | Comments Off on Apache Corporation to Sell Its Kitimat LNG Stake
Bloomberg reports that Apache Corporation, 50% sponsor of the proposed Kitimat LNG project at Bish Cove, near Kitimat, British Columbia, intends to sell its interest in the company. Chevron Canada Ltd. owns the other 50% share. Apache’s press release on the planned sale can be found here. The report states that hedge fund Jana Partners LLC acquired a $1 billion stake in Apache and was pushing for a sale of assets and an exit from Apache’s LNG projects to “free cash for share buybacks and reduce spending risks.” Another Bloomberg article on issues facing Chevron Canada’s interest in the Kitimat LNG project can be found here.