Billionaire George Kaiser's Friendly Foundation

George Kaiser’s charity puts a lot of money where he does
Kaiser in 2009 Photograph by Tom Gilbert/AP Photos

When Oklahoma billionaire George Kaiser opened the Northeast Gateway liquefied natural gas terminal in 2008, the depot’s first delivery was shipped on the Excellence, a 909-foot supertanker that holds 138,000 cubic meters of LNG. The Excellence is owned by the George Kaiser Family Foundation, a charitable organization that bought it for $110 million in 2003. The charity later leased the vessel to Excelerate Energy, a for-profit gas delivery company George Kaiser owns with publicly traded German electric utility RWE, according to RWE’s 2012 annual report. “It is an excellent investment,” says Frederic Dorwart, a trustee of the foundation and longtime attorney for Kaiser’s banking and energy companies. The foundation will have collected enough lease payments to cover its purchase price this year, he says, “and we’ll still own the vessel.”

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