JERA has approved a proposed agreement with Japan Petroleum Exploration Co., Ltd. (JAPEX) to sell 15% of its interest in Gulf Coast LNG Holdings LLC (GCLH) to JAPEX (U.S.) Corp., a subsidiary of JAPEX, for approximately $380m.
JERA Co. holds, through GCLH, a subsidiary of JERA Americas Inc., an approximately 25.7% interest in Freeport LNG Development, L.P. (FLNG), which operates the Freeport LNG project in the United States.
As a result of the sale, JERA’s interest in FLNG will be equivalent to approximately 21.9%. We expect the agreement to executed in June 2024, according to a news release.
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.
