Scottish corporate finance team at PwC advises Petronas on acquisition of energy asset

Jon Shelley

The terminal in Milford Haven is the only LNG regasification terminal in the UK with a re-liquefaction capability which allows customers to use the terminal for storage and gas trading activities. The terminal has a maximum gas send out rate to the UK’s National Transmission System of up to 9 billion cubic metres per annum, providing energy for millions of commercial and residential UK users.

Independent infrastructure investment manager Ancala Partners announced an acquisition of a 50 per cent interest in the firm on behalf of its managed funds from PETRONAS LNG Sdn Bhd, a subsidiary of Petroliam Nasional Berhad.

Jon Shelley, UK oil & gas corporate finance leader at PwC, and Tom Copeland, supported by David Isaacs working with Petronas, led a Scottish team working as lead advisor to Petronas throughout the transaction.

Mr Shelley, a PwC partner, said: “We are delighted to have acted as Lead Advisor to PETRONAS on this significant and complex transaction. Dragon LNG is a key asset within the UK Gas market and is supported by favourable global LNG market trends.”

Lee Mellor, partner at Ancala, added: “Dragon LNG is well placed to benefit from reducing UK gas storage capacity, maturing North Sea gas production and favourable long-term LNG market dynamics.

“With revenues underpinned by a long-term availability-based throughput agreement with Shell and Petronas, the transaction represents an attractive addition to our portfolio and expands our midstream infrastructure activities.

“We look forward to working with Dragon LNG’s excellent team in continuing to grow and optimise performance of the terminal.”