National Grid's £2 Billion LNG Terminal Bid Drops, CKI Pulls Out

CK Infrastructure Holdings has dropped its bid for National Grid's £2 billion LNG terminal in the UK. The Hong Kong-based company was competing with a consortium led by Ontario Municipal Employees Retirement System, and it is unclear if other bidders will pursue the deal. The Grain LNG terminal is one of Europe's largest gas import terminals and a key gateway for global seaborne flows. National Grid plans to use proceeds from the sale to fund its £30 billion investment program to decarbonize the UK power grid.

CK Infrastructure Holdings Ltd. has withdrawn from the bidding process for a UK liquefied natural gas (LNG) terminal valued at approximately £2 billion ($2.7 billion), according to sources familiar with the matter [1]. The Hong Kong-based company was in negotiations with National Grid Plc for the Grain LNG facility, one of Europe's largest gas import terminals [2].

The Grain LNG terminal is a crucial gateway for global seaborne flows of LNG, a key energy source for Europe. The terminal's sale would help National Grid fund its £30 billion investment program to decarbonize the UK power grid over the next five years, as the country transitions to a more electrified and renewable energy network [1].

CKI, backed by Hong Kong tycoon Victor Li, had been seeking to bolster its assets in the UK after completing a second listing in London last year. The company's other major investments in the nation include UK Power Networks, Northern Gas Networks, Northumbrian Water, and Phoenix Energy [1].

The bidding process for the Grain LNG terminal attracted significant interest, with about 20 parties initially expressing interest in the asset [2]. It remains unclear whether other remaining bidders will seek to re-engage in the deal.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-12/cki-said-to-drop-bid-for-national-grid-s-2-billion-lng-terminal
[2] https://financialpost.com/pmn/business-pmn/cki-nears-deal-for-national-grids-2-billion-lng-terminal