US-based exploration and production company ConocoPhillips has completed the sale of its wholly-owned subsidiary Trinidad and Tobago Holdings to National Gas Company of Trinidad and Tobago (NGC) for about $600m.
Trinidad and Tobago Holdings has a 39% stake in Phoenix Park Gas Processors (PPGPL), which operates a gas processing and natural gas liquids fractionation facility located at Point Lisas in Trinidad.
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ConocoPhillips commercial, business development and corporate planning executive vice president Don Wallette said the sale will advance the strategic interests of both NGC and ConocoPhillips.
"We appreciate the long and productive relationship we have had with NGC," Wallette added.
The company expects to record an after-tax gain of about $290m from the sale of Trinidad and Tobago Holdings.
Along with the latest deal, ConocoPhillips has added proceeds of about $14.1bn through the sale of nonstrategic assets, as part of its 2012-13 asset disposition programme.
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By GlobalDataThe company also agreed to sell its Clyden oil sands asset in Alberta, Canada, to Imperial Oil and ExxonMobil Canada for about $720m.
As part of the deal ConocoPhillips will divest around 226,000 net acres of undeveloped land located near the edge of the Athabasca oil sands and south of Fort McMurray.
The company carries out operations and activities in around 30 countries, and holds assets of around $117bn.
