China’s ENN further cuts stake in Australia’s Santos

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.

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