08 May 2014
Centrica plc and Qatar Petroleum International (“QPI”), the international arm and wholly owned subsidiary of Qatar Petroleum (“QP”), have reached an agreement whereby QPI will acquire 40 per cent of Centrica’s Canadian natural gas business for C$200million (£107million).
The assets will be placed into Centrica and QPI’s existing 60:40 venture, the CQ Energy Canada Partnership, and will sit alongside assets that were jointly acquired from Suncor Energy, announced in April 2013.
This transaction is the second under the Memorandum of Understanding (MoU) signed between the two parties in December 2011, and fully aligns Centrica and QPI’s interests in the Western Canadian Sedimentary Basin (WCSB).
The signing took place under the patronage of His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry and Chairman of the Board of QPI, who welcomed the agreement as an important development in the partnership between Centrica and QPI.
Sam Laidlaw, Chief Executive of Centrica, said: “I am delighted that we are further strengthening the relationship between Centrica and QPI. We look forward to continuing to work together as we consider investment opportunities in gas and power on both sides of the Atlantic.”
Nasser Al-Jaidah, Chief Executive Officer of QPI, said: “We are pleased to have expanded our strategic alliance with our partner Centrica through this acquisition. This agreement demonstrates QPI’s strong commitment to further our existing global partnerships and forge new opportunities where possible.”
Governance of the CQ Energy Canada Partnership joint venture will remain unchanged, with Centrica continuing to act as operator of the assets on behalf of the CQ Energy Canada Partnership.
Story appears courtesy of Centrica