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    Bloomberg: BG Sells Stake in North Sea Pipe Network for $954 Million

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BG Group will sell a stake in a North Sea pipeline network for $954 million.

by: Sruthi

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Bloomberg: BG Sells Stake in North Sea Pipe Network for $954 Million

BG Group Plc (BG), the U.K.’s third-largest oil and gas producer, will sell a stake in a North Sea pipeline network for 562 million pounds ($954 million).

BG will sell its 63 percent interest in the Central Area Transmission System, or CATS, to Antin Infrastructure Partners, Reading, England-based BG, said today in a statement. The deal, expected to close in the second half of 2014, won’t affect BG’s rights to use the 404-kilometer (251 miles) network.

The sale is BG’s largest since the $1.9 billion sale of a stake in an Australian gas-export project to China’s Cnooc Ltd. in 2012. It will create a post-tax profit of about $700 million and is in line with BG’s goal of actively managing its portfolio and delivering value to shareholders, the company said.
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