Selling

An extended deadline for troubled Commerce Energy to close a deal selling most of its remaining gas and electric retail customer base to Universal Energy Group Ltd. (UEG) passed last Saturday without comment from the company.

The move announced Friday by American International Group Inc. (AIG) to raise cash by selling off assets outside of its core property and casualty insurance businesses raises questions as to whether one of the assets on the block might be the 50% stake held by subsidiary AIG Financial Products Corp.(AIG-FP) in Tenaska Energy’s natural gas marketing companies.

The move announced Friday by American International Group Inc. (AIG) to raise cash by selling off assets outside of its core property and casualty insurance businesses raises questions as to whether one of the assets on the block might be the 50% stake held by subsidiary AIG Financial Products Corp.(AIG-FP) in Tenaska Energy’s natural gas marketing companies.

Rumors were rampant Friday that Cheniere Energy Inc. may be close to announcing a transaction that could involve selling its Gulf Coast-based liquefied natural gas (LNG) receiving terminal at Sabine Pass in Cameron Parish, LA — or even the entire company.

Rumors were rampant Friday that Cheniere Energy Inc. may be close to announcing a transaction that could involve selling its Gulf Coast-based liquefied natural gas (LNG) receiving terminal at Sabine Pass in Cameron Parish, LA — or even the entire company.

Prices fell Monday at a large majority of points as the physical market felt selling pressure from the previous Friday’s 36.2-cent dive by April futures and spring-like temperatures in much of the South. Wintry conditions with lows approaching freezing remained in the Tuesday forecasts for parts of the Upper Midwest and northern New England, but otherwise those regions could expect relatively moderate weather.

Houston-based Contango Oil & Gas Co. is selling its 10% limited partnership interest in Freeport LNG Development LP to an unnamed “major Asian utility company” for approximately $68 million, the company said Tuesday. The sale is subject to the purchaser’s board approval and customary closing conditions.

Zurich, Switzerland-based ABB is selling its Lummus Global business to Chicago Bridge & Iron Co. (CB&I) for $950 million, the company said. Lummus provides engineering, procurement and construction management services to the upstream and downstream oil and gas, petrochemical and refining industries. The sale, which is subject to regulatory and CB&I shareholder approval, is intended to further focus ABB on its core business in power automation technology, the company said. Netherlands-based CB&I will purchase the entire Lummus Global business, which employs about 2,400 and had reported revenues of $988 million in 2006. ABB’s automation and power businesses remain committed to the oil and gas sector, the company said. In connection with the divestment of Lummus, ABB said it has discovered certain suspect payments in a number of countries. ABB reported these suspected payments to the U.S. Department of Justice and the Securities and Exchange Commission, and is cooperating fully with the authorities, while continuing its internal investigations and compliance reviews. ABB said it retains liability for potential fines and penalties.

Natural gas-directed Petrohawk Energy Corp. made it a triple play last week, announcing it is selling its extensive Gulf Coast division, increasing its stake in the Fayetteville Shale and in North Louisiana, and forming a master limited partnership (MLP) to initially hold some of its mature domestic assets.