Ancala Partners has acquired a 50% interest in Dragon LNG, a liquefied natural gas (LNG) regasification terminal in Milford Haven, Wales.

The stake was sold for undisclosed amount by Petronas LNG, a subsidiary of Petroliam Nasional Berhad.

Dragon LNG is one of three LNG regasification terminals in the UK. The terminal has a gas send-out rate to the UK’s National Transmission System of up to 9bn cubic metres per annum.

Facilities at the terminal were recently enhanced through commissioning of a reliquification plant.

Petronas will continue to be a customer of Dragon LNG as a counterparty to a long-term throughput agreement with the terminal.

Lee Mellor, partner at Ancala, said: “Dragon LNG is well placed to benefit from reducing UK gas storage capacity and maturing North Sea gas production.

“With revenues underpinned by a long-term availability-based throughput agreement with Shell and Petronas, the transaction represents an attractive addition to our portfolio and expands our midstream infrastructure activities.”