An affiliate of Warren Buffett’s Berkshire Hathaway Inc. has agreed to boost its ownership stake in the Cove Point LNG export terminal in Lusby, MD, to 75% in a deal valued at $3.3 billion.

Cove Point

Berkshire Hathaway Energy (BHE) said it would purchase Dominion Energy Inc.’s 50% stake, leaving Brookfield Infrastructure Partners with 25% interest in the 5.3 million metric tons/year terminal. Berkshire said the transaction would be funded with cash.

Berkshire first acquired a 25% interest from Dominion in 2020 as part of a broader package of assets that left a unit of BHE with more than 5,000 miles of interstate natural gas pipelines and nearly 800 Bcf of storage capacity. 

Cove Point, formerly an LNG import terminal, was converted to export the super-chilled fuel and started...