Change Afoot At Gate LNG

摘要

If times are tough, your debt rating is BBB+, or just three slots above junk, and you're still only halfway through a $1.8 billion noncore divestment program, what's the best thing to sell? For Dong Energy, it's the 5% stake in the Gate LNG terminal in Rotterdam, which it disclosed last week it had sold to Gate's Dutch founders, Vopak and Gasunie, on Jul. 31. The two each now own 47.5% of the import terminal, with Austria's OMV on 5%, after early shareholders RWE and E. On also divested their 5% stakes in 2011 and 2012, respectively. OMV is Gate's only customer left with equity.