Woodside Completes Sale of 10% Scarborough Interest for $910M
Portfolio Pulse from Benzinga Newsdesk
Woodside has finalized the sale of a 10% stake in the Scarborough Joint Venture to LJ Scarborough Pty Ltd (LNG Japan) for $910M, as part of a strategic relationship that includes potential LNG offtake and new energy collaboration. Woodside retains a 90% interest, which will reduce to 74.9% following a future transaction with JERA.
March 26, 2024 | 7:01 am
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Woodside finalizes sale of 10% Scarborough JV stake to LNG Japan for $910M, maintaining a 90% interest that will decrease to 74.9% after a deal with JERA.
The completion of this sale not only brings significant cash inflow to Woodside but also strengthens its strategic relationship with LNG Japan, potentially opening up new opportunities in the energy sector. The reduction in stake post-JERA transaction indicates a strategic reshuffling of interests that could impact Woodside's control and revenue from the Scarborough JV, but the immediate financial gain and strategic partnerships are likely to be viewed positively by investors.
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