Centrica sells Canadian gas assets for 240 mln stg

MIE Holdings

09/06/2017 07:43

June 9 (Reuters) - Britain's largest energy supplier, 
Centrica Plc  CNA.L , said it would sell its 60 percent stake in 
its Canadian oil and gas exploration and production joint 
venture to a consortium for about 240 million pounds ($305 
million).  
    The sale, to Hong Kong-listed oil and gas producer MIE 
Holdings Corp  1555.HK , The Can-China Global Resource Fund and 
Swiss commodity trading firm Mercuria, is part of Centrica's 
drive to focus its oil and gas exploration and production 
activity to Europe.  urn:newsml:reuters.com:*:nRSI6338Ha  
    Analysts at Jefferies, who rate Centrica as "underperform", 
said the price tag was in line with their estimate of 267 
million pounds.  
    The deal, subject to regulatory approvals, is expected to 
close in the second half of 2017. 
    Centrica's share of the proceeds will be used to reduce debt 
as it aims to lower its net debt to 2.5-3 billion pounds by the 
end of this year. 
    Last year, Centrica agreed to sell its gas assets in 
Trinidad and Tobago for $30 million to Royal Dutch Shell 
 RDSa.L .  urn:newsml:reuters.com:*:nL8N1DV3TH  
    ($1 = 0.7863 pounds) 
 
 (Reporting by Noor Zainab Hussain in Bengaluru; editing by 
Jason Neely) 
 ((noor.hussain@thomsonreuters.com; Within UK +44 20 7542 1810; 
Outside UK +91 80 6749 2764; Reuters Messaging: 
noor.hussain.thomsonreuters.com@reuters.net)) 
 
Keywords: CENTRICA CANADA/