ConocoPhillips divests stake in Trinidad and Tobago midstream operations
By NATHALIE TADENA
ConocoPhillips has sold its midstream asset in Trinidad and Tobago for $600 million to the National Gas Company of Trinidad and Tobago Ltd., as the exploration-and-production company continues to divest noncore assets.
The company said it expects to recognize an after-tax gain of about $290 million from the sale of Trinidad and Tobago Holdings LLC, which holds a 39% interest in a gas processing and natural-gas liquids fractionalization facility located in Trinidad.
ConocoPhillips is in the midst of a three-year repositioning in which it has shed billions of dollars in assets and is planning to divest itself of more operations as it seeks to focus on fast-growing shale plays in the US.
Including the latest deal, ConocoPhillips has unveiled expected proceeds of about $14.1 billion from the sale of non-strategic assets as part of its asset disposition program.
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