• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 1 hour OPEC will consider all options. What options do they have ?
  • 6 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 12 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 3 hours What to tell my students
  • 3 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 3 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 16 hours With Global Warming Greenland is Prime Real Estate
  • 7 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 4 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 23 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 8 hours Flaring is at Record Highs in Texas
Oil Erases Gains On Crude Inventory Build

Oil Erases Gains On Crude Inventory Build

Crude oil prices fell further…

The Toughest Challenge For Any Energy Company In 2019

The Toughest Challenge For Any Energy Company In 2019

Strong volatility and poor overall…

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
Download on the App Store Get it on Google Play