Dominion Energy is looking to divest its stake in the Cove Point liquefied natural gas (LNG) facility in Chesapeake Bay, Maryland, US, reported Reuters, citing a report published by Bloomberg News.
As a part of the plan, Dominion is working with undisclosed advisers to seek potential bids from suitors including infrastructure funds.
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Deliberations over the current sale of Dominion Energy’s multibillion-dollar worth stake are at an initial stage.
Dominion may also decide to retain its 50% stake in the project, the sources told the publication.
Berkshire Hathaway’s BHE GT&S operates the Cove Point LNG project with a 25% stake while the remaining 25% stake is held by Brookfield Asset Management.
The LNG export facility has a storage capacity of 14.6 billion cubic feet (Bcf). It has a send-out capacity of 1.8Bcf per day.
It connects through its own pipeline to key Mid-Atlantic gas transmission systems of Transcontinental Gas Pipeline, Eastern Gas Transmission and Storage, and Columbia Gas Transmission.
Last week, Dominion Energy CEO Bob Blue was quoted by Bloomberg News as saying that the company initiated a ‘top-to-bottom’ business review, that could include offloading assets.
In 2021, Dominion Energy divested Questar Pipelines to Southwest Gas for $1.975bn, including debt.
The sale included Questar Pipelines, its subsidiaries, and certain associated affiliates such as White River Hub, Overthrust Pipeline, and Questar Field Services.
