RWE said it is selling its 50 per cent share in the US liquefied natural gas company Excelerate Energy. Buyer is the current co-owner, George B. Kaiser.
“ Excelerate Energy has developed to become a very successful global provider of infrastructure based on special LNG ships with on-board regasification. This business is further developing into a pure LNG infrastructure business and is therefore an ever less integral part of the core activities of RWE ”, explained Stefan Judisch, CEO of RWE Supply & Trading regarding the company’s decision.
The RWE subsidiary worked excellently together with Excelerate Energy on an operational level. Stefan Judisch: “ We will continue to build up RWE’s LNG trading business further. Over the last few years the global LNG market has developed significantly and therefore the possession of LNG assets is no longer a requirement for success in the trading business .”
With the sale of Excelerate Energy, RWE saves the necessary investment and thus implements its asset-light strategy, the company added.
[mappress] LNG World News Staff, August 5, 2013; Image: Excelerate