Ancala Partners has announced the acquisition of a 50 per cent interest in Dragon LNG, the regasification terminal located at Milford Haven, Wales from Malaysia’s national oil company Petronas.
Dragon LNG is one of three LNG regasification terminals in the UK. The terminal has a gas send out rate to the UK’s National Transmission System of up to 9 billion cubic metres per annum.
The transaction terms were not disclosed.
Lee Mellor, Partner, Ancala, commented: “Dragon LNG is well placed to benefit from reducing UK gas storage capacity and maturing North Sea gas production. With revenues underpinned by a long-term availability-based throughput agreement with Shell and Petronas, the transaction represents an attractive addition to our portfolio and expands our midstream infrastructure activities."
Petronas will continue to be a customer of Dragon LNG as a counterparty to a long-term throughput agreement with the terminal.