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China Investment Corporation (CIC) signed off on an agreement to purchase the 10% interest in Train 1 of Atlantic LNG at Point Fortin that was owned by GDF Suez.
A mid-term agreement was signed last November. During the week of Nov. 12, the final signing took place in Port of Spain between representatives of GDF Suez and CIC, according to a local newspaper.
The acquisition by CIC was part of an exchange investment in Asia in which GDF Suez relinquished its interest in Atlantic’s Train 1.
The companies signed a memorandum of understanding on Aug. 10, 2011, for cooperation across multiple businesses, including gas, power, water and wastewater, and energy efficiency services. As part of the transaction, CIC was to GDF Suez’s stake in the Atlantic LNG liquefaction plant located in Trinidad and Tobago for $850 million, according to CIC.