• 3 minutes Natural gas is crushing wind and solar power
  • 7 minutes OPEC and Russia could discuss emergency cuts
  • 11 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 22 mins So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 40 mins Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 10 mins Blowout videos
  • 14 hours Question: Why are oil futures so low through 2020?
  • 4 hours CDC covid19 coverup?
  • 6 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 7 mins The Arithmetic Of Fracking
  • 28 mins Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 13 hours Shorting Gold
  • 1 day Phase One trade deal, for China it is all about technology war
  • 5 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 1 day Peak Shale Will Send Oil Prices Sky High
  • 2 days Step Forward: Trump Says U.S.-China Trade Deal Will Be Signed On January 15

Enbridge To Sell More Than $7B In Non-Core Assets

Pipeline

Enbridge is looking to cut its 50-percent stake in a German offshore wind project, Bloomberg reported on Thursday, citing sources familiar with the plan that comes as the Canadian energy infrastructure company is targeting to sell US$7.8 billion (C$10 billion) worth of non-core assets.

Enbridge is said to be looking to offload part of its 50-percent interest in the German offshore wind farm Hohe See, currently under construction in the North Sea. Enbridge bought the 50-percent stake in the project in February last year, and said that its total investment would be US$1.33 billion (C$1.7 billion).

Brookfield Asset Management, pension fund Caisse de Depot et Placement du Quebec (CDPQ), and Macquarie Group’s Green Investment Group are preparing bids for Enbridge’s stake in the German offshore wind project, Bloomberg’s sources said.

Enbridge has been seeking to cut debt and streamline businesses after it acquired Spectra Energy last year to create the largest energy infrastructure company in North America with an enterprise value of around US$130 billion (C$166 billion).

In November 2017, Enbridge said that it would be rationalizing its asset mix to a pure regulated pipeline and utility business model with three core businesses—Liquids Pipelines and Terminals, Gas Transmission and Storage, and Gas Utilities. The company has identified US$7.8 billion (C$10 billion) of non-core assets that it would sell and plans to sell or monetize a minimum of US$2.34 billion (C$3 billion) of those in 2018.

Related: Trade War Looms Over Oil Markets

“In 2018, at least $3 billion of certain unregulated gas midstream and onshore renewables businesses will be sold or monetized,” Al Monaco, President and CEO, said back then.

Earlier this week, Bloomberg reported, quoting people familiar with the issue, that Enbridge had hired Royal Bank of Canada to help it to sell a package of gas gathering and processing assets in British Columbia and Alberta that was owned by Spectra Energy and that could fetch more than US$1.56 billion (C$2 billion) in proceeds.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News