S.Korean consortium preferred for $540 mln stake in U.S. shale gas firm

E1

11/08/2014 01:29

SEOUL, Aug 11 (Reuters) - A consortium including South 
Korea's National Pension Service (NPS) and gas seller E1 Corp 
 017940.KS  has been chosen as preferred bidder to buy a $540 
million stake in U.S.-based shale gas transport firm Cardinal 
Gas Services, NPS and E1 officials said on Monday.  
    NPS, the world's fourth-largest pension fund, is expected to 
invest around $250 million, or the biggest portion of the funds 
needed for the 34 percent stake in Cardinal Gas Services, an NPS 
spokeswoman said.  
    An E1 official said although the consortium with NPS had 
been chosen as preferred bidder, some consortium members as well 
as the division of stakes within the consortium had yet to be 
finalised.  
    The official declined to be identified as they were not 
authorized to speak to media. A E1 spokesman declined comment.  
    Cardinal Gas Services, a joint venture between Access 
Midstream Partners  ACMP.N , a U.S.-based Total  TOTF.PA  unit 
and EnerVest Energy Partners, manages gathering, compression and 
dehydration for oil and wet gas in the Utica Shale region in 
Ohio. 
    Shares in E1 gained 2.9 percent on Monday, beating a 0.5 
percent rise in the wider market  .KS11 .  
 
 (Reporting by Joyce Lee; Editing by Richard Pullin) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: E1 NPS/SHALE