BG Group has agreed to sell its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for £562 million (US$954 million).
Under the agreement, BG Group will sell its 62.78% interest in CATS for a consideration comprising £523 million (about $888 million) on completion of the transaction and a deferred amount of £39 million (about $66 million).
The sale does not impact BG Group's rights to capacity in CATS. CATS comprises a fixed-riser platform linked to the Everest oil and gas platform, a 404km, 1700Mcf/d capacity subsea pipeline and a two-train onshore gas processing terminal at Teesside which has capacity of 1200Mscf/d.
It is anticipated the transaction will close in 2H 2014.
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