JERA to sell 15% equity stake in Freeport LNG to JAPEX

Japan's largest power generation company, JERA, has signed a deal to sell a part of its stake in the Texas-based Freeport LNG project to Japan Petroleum Exploration (JAPEX) for approximately £380m. Under terms of the agreement, JERA will sell 15% of its equity stake in the project. In addition to its investment in the project itself, JERA also holds an approximate 25.7% interest in Freeport LNG Development (FLNG), which operates the Freeport LNG project in Texas.

Post transaction, JERA's interest in FLNG will be equivalent to approximately 21.9%. The agreement is expected to be executed in June 2024. Freeport LNG comprises of three liquefaction trains, each with a capacity of around five million tonnes per annum on LNG.

This makes up a total export capacity of around 15 million tonnes per annum. The terminal includes several large LNG storage tanks, each capable of holding substantial volumes of LNG. JERA decided to sell part of its interest after a careful assessment for optimising its asset portfolio.

The company will continue to contribute to the operation of the Freeport LNG project through its participation in FLNG.

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