GLNG: Shell decreases stake in Atlantic LNG as BP increases holding in restructuring deal

A restructuring agreement set to be signed before December 8 will see Shell reduce its ownership stake in Trinidad and Tobago’s Atlantic LNG facility, while at the same time BP and Trinidad’s state-run National Gas Co. (NGC) will increase their interests in the LNG plant.

Under the terms of the new deal, which was first hinted at in October, the LNG project’s structure will be simplified, with ownership across all four liquefaction trains being split with Shell and BP holding 45% stakes and NGC possessing a 10% interest.

Previously, the ownership structure was far more complex and was not unified. Train 1 was held by Shell with 46% and BP with 44%, while the Chinese Investment Corp (CIC) held a roughly 10% stake. Under the new restructuring, the CIC no longer holds any shares in the project.

Meanwhile, trains 2, 3, and 4 were previously held by Shell with a 54% stake, BP with a 40% stake, and NGC with an 11.1% interest. With the new restructuring Shell will now shrink its share in these three trains while BP will increase the size of its stake.