Date
E.g., 24/09/2017
E.g., 24/09/2017
More filters
Company News

Centrica agrees the sale of its Canadian E&P business.

The CQ Energy Canada Partnership (“CQ”), the Canadian E&P joint venture in which Centrica plc owns a 60% interest, is to be sold to a consortium comprising MIE Holdings Corporation (“MIE”), The Can-China Global Resource Fund and Mercuria for a purchase price of C$722 million (£413 million) in cash. Centrica’s net share of sale proceeds is expected to be approximately £240 million after adjustments.

In line with its strategy announced in July 2015, the divestment means Centrica’s E&P activity will now be focused solely on European assets, with the Group having completed the sale of its gas assets in Trinidad and Tobago in May 2017.

The transaction is subject to customary regulatory approvals, including under the Canadian Competition Act and the Investment Canada Act, and is also subject to approval from MIE’s shareholders. The transaction is expected to close in the second half of 2017.

ENDS

Enquiries:
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: +44 (0)1784 843000

Top stories

Catherine O’Kelly, Industry Development Director, British Gas
Industry News
21 September 2017
centrica business solutions
Company News & Investors
11 September 2017
island innovator
Company News & Investors
01 September 2017
Grid Edge
Company News & Investors
21 August 2017