Berkshire Hathaway Energy, a subsidiary of Warren Buffett’s Berkshire Hathaway, has acquired a 50% stake in Cove Point LNG, LP, a liquefied natural gas (LNG) business, from Dominion Energy for $3.3 billion.
The deal, which was announced on July 10 and closed on September 1, gives Berkshire Hathaway Energy a 75% ownership interest in Cove Point LNG, LP. The remaining 25% is held by Brookfield Infrastructure Partners.
Cove Point LNG, LP operates a natural gas pipeline and an LNG terminal in Lusby, Maryland. The terminal is one of the largest LNG export facilities in the US, with a capacity of 5.25 million metric tons per year. It also serves domestic markets in the Mid-Atlantic region.
Paul Ruppert, president of BHE GT&S, LLC, a Berkshire Hathaway Energy business unit that holds the ownership interest in Cove Point LNG, LP, said that the acquisition was an opportunity to increase their stake in the LNG business. He added that BHE GT&S would continue to provide excellent service and performance at Cove Point, which plays an important role in delivering clean, low-cost and sustainable energy solutions to customers and communities.