NGC sells Atlantic LNG stake to NEL

Trinidad's National Gas Company (NGC) has completed the transfer of a 3.8% stake in Atlantic LNG's trains I and II to government investment holding company National Enterprises Limited (NEL), newspaper Trinidad Guardian reported. NEL is listed on the local stock market. The transaction gives private investors in Trinidad their first opportunity to invest in the Atlantic LNG project since its establishment on the island in 1999. In return for the Atlantic LNG stake, NEL transferred 49.5 million of its own shares, worth US$42.4mn, to NGC, the newspaper quoted NEL's corporate secretary Cheryl Koylass as saying. The deal reduces NGC's stake in Atlantic LNG's trains I and II to 6.2% from 10%. Trains I and II together produce 6.6 million tonnes of LNG a year. NGC also has a stake in train III, but this was not part of the deal because of the length of time the transaction took, Koylass said. NEL shareholders will benefit because they would be able to share in the benefits of dividend inflows from NGC's interest in Atlantic LNG, Koylass said. NGC officials were not immediately available for comment when contacted by BNamericas.