PwC advised PETRONAS on the sale of Dragon LNG Group Ltd and Humbly Grove Energy Limited
The PwC United Kingdom and PwC Malaysia Corporate Finance teams are pleased to announce:
(i) The sale of PETRONAS LNG Sdn Bhd’s 50% interest in Dragon LNG Group Ltd (“DLNG”) to Ancala Partners LLP, a UK-based investment manager; and
(ii) The sale of PETRONAS Energy Trading Limited's 100% interest in Humbly Grove Energy Limited ('HGEL') to EP UK Investments Limited, a UK-based company that owns and operates power station.
The deals were completed in July 2019 and March 2020.
DLNG is one of three LNG regasification and storage terminals in the UK and the only terminal with a reliquefaction capability. Customers use the terminal for both storage and gas trading activities. The terminal has a gas send out rate of up to 9 billion cubic meters per annum, enough to supply 10% of the UK’s energy need and is therefore a critical part of the UK power network. The terminal provides clean and reliable energy for millions of commercial and residential UK users.
HGEL owns and operates an underground gas storage facility in Hampshire, UK. HGEL's depleted reservoir gas cap was developed in 2005 and infrastructure installed to provide gas storage capabilities. By utilising a naturally formed reservoir and additional surface facilities, HGEL provides gas storage service that contributes to balancing gas supply and demand within the national gas transmission system (NTS) within the UK.
PwC United Kingdom and Malaysia Corporate Finance teams acted as financial advisor to the Seller, PETRONAS.
The PwC Malaysia team:
Gregory Bournet
Partner, PwC Malaysia
Joanne Yap
Senior Manager, PwC Malaysia
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