Blackstone’s finalized the sale of its 42% stake in Cheniere Energy Partners.
The company announced that its Blackstone Energy Partner closed the nearly $7 billion deal. The funds were also managed by Blackstone Infrastructure Partners.
Blackstone spent 8 years with investments in Cheniere including $1.5 billion to help the company build the first two liquefaction trains at the Sabine Pass LNG facility in Louisiana. Sabine Pass was the first LNG export facility in the lower 48 states.
David Foley, Global Head of Blackstone Energy Partners didn’t explain the departure but stated his firm’s early equity commitment to Cheniere enabled the construction of Sabine Pass.
“I’m proud of the success of the project, the support we were able to provide to Cheniere’s outstanding executive management team as they ably dealt with various challenges over the years and the tremendous return we delivered for our investors.”
Blackstone’s investments were appreciated by Jack Fusco, Chief Executive Officer at Cheniere.
“Today, Sabine Pass is a world-scale LNG complex, providing flexible, reliable, and cost competitive U.S. LNG to markets worldwide, and I would like to thank David Foley and the Blackstone team for their contributions to Cheniere’s many successes. We still have much to accomplish at Cheniere, and I look forward to working alongside Blackstone Infrastructure Partners and Brookfield Infrastructure Management to achieve our shared goals.”
Cheniere also has a major natural gas pipeline in Oklahoma, stretching from the STACK and SCOOP plays south to the state line.
Source: Blackstone