Uniper has agreed to sell its entire 48.2 percent stake in OLT offshore liquefied natural gas (LNG) to Australia–based First State Investments for approximately €400 million ($452 million).
Uniper, an energy company headquartered in Germany, is reportedly also developing LNG infrastructure in Europe and trading LNG worldwide.
OLT is a regulated asset and for Uniper a purely financial minority participation, therefore, being an OLT shareholder offered Uniper no advantages for expanding and optimizing its LNG portfolio.
Uniper recorded a net income of €791 million ($880 million) in the first quarter of 2019.
OLT operates FSRU Toscana, a floating regasification terminal that was adapted from an existing LNG carrier. The unit is moored about 22 kilometers (roughly 14 miles) from the Tuscan coast in Italy, between Pisa and Livorno. It has an authorized capacity of 3.75 billion cubic meters per year.
Other OLT shareholders include Italy-based IREN Group, which has a 49.1 percent stake, and Golar LNG, which has a 2.7 percent stake.
The purchase price will be adjusted at closing for any distributions already made to Uniper in 2018 and 2019. Resulting net proceeds are expected to level out at approximately €340 ($380 million).
The transaction’s closing is still subject to the approval of the competent authorities, as well as other customary conditions.
