Korean-Led Consortium Preferred Suitor of U.S. Shale Gas Company
Korea’s National Pension Service (NPS) and Korea-based gas seller E1 Corporation have been selected as the preferred bidder for a US$ 540 million stake in Oklahoma-based Cardinal Gas Services, LLC. Cardinal Gas is a joint venture between Houston-based EnerVest Energy Partners and Access Midstream Partners, a U.S.-based Total unit. In March 2013, Enervest’s Fund XIII raised US$ 2 billion in aggregate capital commitments from 141 institutional investors.
The NPS is planning to invest US$ 250 million for a 34% stake. Some consortium members are yet to be finalized.
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