Global Infrastructure Partners to buy 25% stake in Freeport LNG project

Global Infrastructure Partners reportedly agrees to buy a 25% stake in the Freeport LNG development project, which counts ConocoPhillips (COP +0.4%) as a major investor, for $850M.

Existing infrastructure at the Quintana island project in Texas was completed in 2008 with the intention of receiving liquefied natural gas imports, but the U.S. shale gas revolution has inspired owners to commit $14B to convert it to an LNG export hub.

Last year, Freeport became the second LNG project in the U.S. to receive approval from the Department of Energy.

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