Warren Buffett Takes Majority Ownership Of LNG Project

Berkshire Hathaway, Warren Buffett’s investment vehicle, has bought Dominion Energy’s share in the Cove Point LNG project in Maryland. The stake, which cost Berkshire $3.3 billion, has brought the company’s stake in Cove Point to 75%, with the rest held by Brookfield Infrastructure Partners, Bloomberg reported. Cove Point LNG has an annual capacity of over 5 million tons of liquefied natural gas, most of which has been contracted on a long-term basis with buyers including Tokyo Gas Co. and Sumitomo Corp. The acquisition comes…