GDF SUEZ and CIC have closed the first deal of their partnership

abarrelfullabarrelfull wrote on 21 Dec 2011 06:56
Tags: cic deals gdf-suez lng trinidad-tobago upstream

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GDF SUEZ and CIC have closed the acquisition by CIC of a 30% minority stake in GDF SUEZ Exploration & Production International SA and of a 10% stake in the train 1 of the Atlantic LNG liquefaction plant in Trinidad and Tobago. This transaction is the first milestone of the partnership between the two groups announced in August 2011.

According to the memorandum of understanding signed in August 2011, GDF SUEZ and CIC have agreed to cooperate on a non-exclusive basis to help accelerate their respective strategies. The partnership will be deployed across GDF SUEZ Group’s businesses (natural gas, electricity, water and waste, and energy efficiency services) and sets up the framework for cooperation in three areas: joint investment opportunities in existing and new energy-related projects among others in the Asia-Pacific region; financing cooperation in new projects in the region; and commercial sponsorship and support to GDF SUEZ in the region.

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