China’s ENN has further reduced its ownership in Australian liquefied natural gas (LNG) producer Santos following a stake sale last year.
In March last year, ENN offloaded about 107.1 million shares, representing a 5.14 percent stake in Santos.
The Chinese firm remained Santos’ largest single shareholder with a 9.97 percent stake, but a 2017 strategic relationship agreement regarding board representation and other matters fell through.
This year ENN further reduced its stake in the LNG producer.
“Santos notes media speculation today regarding a potential selldown by ENN of a 9.97 percent stake in Santos,” the Australian firm said in a statement on Monday.
“ENN lodged a notice of ceasing to be a substantial shareholder in Santos with ASX on April 22, 2022, disclosing that their shareholding had dropped below 5 percent,” Santos said.
Santos is now a bigger company following the completion of the merger deal with PNG-focused Oil Search in December.
The company reported record earnings in the first half of 2022, boosted by high oil and LNG prices.