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Berkshire Hathaway takes control of LNG facility as Buffett ups bet on energy infrastructure

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Berkshire Hathaway Energy agreed to purchase a 50% stake in the Cove Point liquefied natural gas facility for $3.3 billion in cash.

David A. Grogan | CNBC

While the deal isn't large in size for Berkshire, it builds on a growing bet on energy infrastructure at the conglomerate as it gains control of one of the rare functional facilities in the U.S. that can export LNG. The Cove Point LNG Terminal has a storage capacity of 14.6 billion cubic feet and a daily send-out capacity of 1.8 billion cubic feet. The firm has a long-term contract with Sumitomo Corp., a Japanese trading company that Buffett also invested in.

 

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Dominion sells Maryland gas plant stake to Berkshire Hathaway unit for $3.3 bln cashDominion Energy agreed to sell its 50% stake in the Cove Point liquefied natural gas facility in Maryland's Chesapeake Bay to a unit of Warren Buffett's Berkshire Hathaway for $3.3 billion in cash, the companies said on Monday.
Source: Reuters - 🏆 2. / 97 Read more »