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Printed by Jessica Casey,
Editor
LNG Business,
Santos has confirmed that additional to the announcement on 31 August 2023 for the sale of two.6% of PNG LNG to Kumul Petroleum Holdings Restricted, funding for the transaction has been secured by Kumul.
Kumul has paid roughly US$250 million into escrow with Santos as half cost of the acquisition worth. Moreover, Kumul has executed binding funding preparations for the rest of the consideration, which might be out there for drawdown by 31 January 2024.
Approval by the PNG unbiased Client and Competitors Fee (ICCC) for the transaction has been acquired, satisfying the one situation precedent to the transaction.
The business phrases of the transaction stay unchanged.
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/05012024/santos-to-complete-sale-of-26-of-png-lng-to-kumul/
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