Tidelands Oil & Gas Sells Remaining 20% Interest in Frontera Pipeline
Posted on: Wednesday, 22 October 2008, 09:00 CDT
Tidelands Oil & Gas, engaged in the development and operation of transportation and storage infrastructure for natural gas, has sold its remaining 20% interest in the Frontera Pipeline to Grand Cheniere Pipeline for $250,000.
Grand Cheniere Pipeline is a subsidiary of Cheniere Energy and, prior to the sale, was the 80% owner of Frontera, which owns the US and Mexico subsidiaries engaged in the development of the Burgos Hub project.
The company is also pursuing the funding of company operations via the partial sale or financing of its interest in the Port Esperanza project.
James Smith, president of Tidelands Oil & Gas, said: "We will use the proceeds from the sale for working capital purposes."
Source: Datamonitor
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