BG Group completes sale of interest in CATS pipeline
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
World Pipelines,
BG Group has completed the sale of its 62.78% equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners.
Total proceeds from the transaction, announced on 17 June 2014, are up to £562 million, or approximately US$ 961 million at current exchange rates, comprising a payment on completion of £523 million and a deferred amount up to £39 million.
A post-tax profit on disposal of approximately US$ 700 million will be recorded in BG Group's third quarter accounts. This may be partly offset by a potential impairment of BG Group's associated UK North Sea assets following the categorisation of the Group's interest in CATS as held for sale in the second quarter.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldpipelines.com/business-news/11072014/bg_group_completes_sale_of_interest_in_cats_pipeline_632/
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