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Ancala swoops on Dragon LNG

Petronas will maintain a terminal customer

Malaysia’s national oil company has sold for an undisclosed sum its 50% interest in Dragon LNG, the liquefied natural gas import terminal in Milford Haven, Wales to independent infrastructure investment manager Ancala Partners (Ancala).

Petronas will continue to be a customer of Dragon as a counterparty to a long-term throughput agreement with the terminal.

“Dragon LNG is well placed to benefit from reducing UK gas storage capacity and maturing North Sea gas production,” Ancala partner Lee Mellor said today.

“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.”

Dragon, one of three LNG receiving and regasification terminals in the UK, has a gas send out rate of up to 9 billion cubic metres of gas to the National Transmission System.

The terminal facilities were recently enhanced through commissioning of a re-liquefaction plant.

“We look forward to working with Dragon LNG’s excellent team in continuing to grow and optimise performance of the terminal,” added Mellor.

Anglo-Dutch supermajor Shell owns the other 50% of Dragon LNG.

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