Shell sells interest in Elba LNG joint venture

Shell to sell its equity interest in the Elba LNG joint venture to Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) and Shell today announced that they have reached an agreement for Kinder Morgan to purchase 100 percent of Shell’s equity interest in Elba Liquefaction Company, LLC (ELC), the owner of the Elba Liquefaction Project, which is proposed to be constructed and operated at the existing Elba Island LNG Terminal near Savannah, Georgia. Kinder Morgan currently owns 51 percent of the ELC joint venture. Shell owns the remaining 49 percent and subscribes to 100 percent of the liquefaction capacity. Kinder Morgan will purchase the remaining 49 percent of the joint venture that it does not already own. Kinder Morgan’s expected incremental investment resulting from this transaction is approximately $630 million, bringing its total incremental investment in all the liquefaction and terminal facilities at Elba Island to approximately $2.1 billion. …