ConocoPhillips has closed a transaction with the National Gas Company of Trinidad and Tobago Limited (NGC) for the sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for a total consideration of $600 million plus customary adjustments.

Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park Gas Processors Limited (PPGPL). PPGPL operates a gas processing and natural gas liquids fractionation facility located at Point Lisas, Trinidad.

'The sale of this noncore, midstream asset represents further progress in strengthening and focusing the ConocoPhillips portfolio, and advances the strategic interests of both NGC and ConocoPhillips,' said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning. 'We appreciate the long and productive relationship we have had with NGC.'

ConocoPhillips expects to recognize an after-tax gain of approximately $290 million for the sale.

Tags: ConocoPhillips