Reuters logo
BG sells UK CATS gas pipeline stake to infrastructure fund
June 17, 2014 / 6:32 AM / 3 years ago

BG sells UK CATS gas pipeline stake to infrastructure fund

LONDON, June 17 (Reuters) - British oil and gas company BG Group has sold its majority stake in one of Britain’s biggest gas pipelines to Antin Infrastructure Partners for up to 562 million pounds ($944 million), the firm said on Tuesday.

BG said it expected the transaction to result in a post-tax profit of around $700 million and that it would retain its rights to access gas transport capacity on the CATS pipeline.

The deal includes the 404-kilometre-long subsea pipeline, which connects a number of North Sea fields to the British mainland, a platform linked to the Everest oil and gas platform and an onshore gas processing terminal at Teesside.

The deal is expected to close in the second half of the year.

$1 = 0.5956 British Pounds Reporting by Karolin Schaps; editing by Jason Neely

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below