United Kingdom oil and gas giant BP has sold its ten per cent stake in the Power Generation Company (PowerGen).
BP’s investment in PowerGen was sold to the National Enterprises Ltd (NEL).
An internal statement informed employees of BP’s Trinidad and Tobago subsidiary bpTT yesterday.
The company did not release an official statement.
The price of its ten per cent stake was not disclosed.
BPTT would neither confirm nor deny the transaction yesterday and directed Express enquiries to NEL.
But sources close to the transaction confirmed the sale.
The PowerGen stake was held by BP subsidiary Amoco Trinidad Power resources Corp based in Houston, Texas.
Sources close to BP noted that a sale for the PowerGen asset had been previously discussed and formed part of BP’s global divestment initiative.
NEL officials could not be immediately reached for comment yesterday.
BPTT is one of the leading oil and gas production companies in Trinidad and Tobago.
The company explores for, and produces oil and gas in marine areas off the east coast of Trinidad where we hold exploration and production licences covering 904,000 acres. It holds production sharing contracts for 889,600 acres in Trinidad and Tobago’s deepwater acreage.
BPTT is the country’s largest hydrocarbon producer, accounting for more than half of Trinidad and Tobago’s national production of oil and gas.
PowerGen owns and operates three power generation plants in Trinidad and Tobago.
NEL is an investment holding company incorporated on August 27, 1999 by the government and was formed to consolidate the government’s shareholding in select State enterprises, and facilitate a public offering on the Trinidad and Tobago Stock Exchange.
NEL has shares in the following companies:
National Flour Mills (NFM)
NGC NGL Company Ltd (NGC NGL)
NGC Trinidad and Tobago LNG Ltd
Telecommunications Services of Trinidad and Tobago Ltd (TSTT)
Trinidad Nitrogen Company Ltd (TRINGEN)