British oil company BP has acquired Spanish group Repsol’s 3.06 percent stake in the Tangguh liquefied natural gas (LNG) project in Indonesia for $313 million dollars, a BP spokesman said on Monday.
The purchase lifts operator BP’s stake in the plant to a little more than 40 percent. The Tangguh plant processes 7.6 million tonnes of LNG a year.
In June BP gave the go-ahead for the $8 billion expansion of Tangguh’s third LNG train, one of only a handful of major investment decisions in the sector this year as companies trim spending in response to a protracted slump in oil prices.
Repsol, which announced the deal on Friday evening, said the transaction will generate $26 million in pre-tax capital gains.