New Fortress Energy to sell LNG infrastructure for $2 B to JV
(Reuters) - New Fortress Energy Inc said on Tuesday it formed a new liquefied natural gas (LNG) joint venture with buyout firm Apollo Global Management Inc and sold 11 vessels and storage units to the JV for $2 B.
The deal comes at a time when U.S. LNG exporters are seeking to benefit from a global shift away from dirtier fossil fuels such as coal and oil, especially as Europe tries to wean itself off Russian energy dependence.
New Fortress, which will own 20% of the JV and get $1.1 B in proceeds from the LNG infrastructure sale, will also charter ten of the 11 vessels included in the sale for up to 20 years.
New Fortress said it has signed deals to receive natural gas from Mexico's biggest state-run utilities - Pemex and Comisión Federal de Electricidad (CFE).
(Reporting by Ruhi Soni in Bengaluru; Editing by Shounak Dasgupta)
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