SEOUL Aug 11 A consortium including South
Korea's National Pension Service (NPS) and gas seller E1 Corp
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
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
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, a U.S.-based Total unit
and EnerVest Energy Partners, manages gathering, compression and
dehydration for oil and wet gas in the Utica Shale region in
Shares in E1 gained 2.9 percent on Monday, beating a 0.5
percent rise in the wider market.
(Reporting by Joyce Lee; Editing by Richard Pullin)