Qatar Petroleum International (QPI) will acquire nearly half of Centrica’s Canadian natural gas business.
QPI will pay $200million for 40% of the integrated energy company’s shares.
This is the second transaction under the Memorandum of Understanding (MoU) signed between the two parties in December 2011.
The move fully aligns Centrica and QPI’s interests in the Western Canadian Sedimentary Basin (WCSB).
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 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.”
Centrica will remain the operator of the assets under the 60:40 joint venture, dubbed the CQ Energy Canada Partnership.
