JERA sells equity stake in Freeport LNG (U.S.) to Japan Petroleum Exploration Co.
- JERA plans to sell an equity stake in Freeport LNG to Japan Petroleum Exploration Co., Ltd.
JERA Co., Inc. holds, through Gulf Coast LNG Holdings LLC (GCLH ), a subsidiary of JERA Americas Inc., an approximately 25.7% interest in Freeport LNG Development, L.P., which operates the Freeport LNG project in the U.S.
JERA has approved a proposed agreement with Japan Petroleum Exploration Co., Ltd. (JAPEX) to sell 15% of its interest in GCLH to JAPEX (U.S.) Corp., a subsidiary of JAPEX, for approximately $380 MM. As a result, JERA’s interest in Freeport LNG will be equivalent to approximately 21.9%. JERA expects the agreement to executed in June 2024.
JERA decided to sell part of its interest as a result of a careful assessment for optimizing JERA’s asset portfolio. JERA will continue to contribute to the stable operation of the Freeport LNG Project through its participation in FLNG.
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