British energy company Centrica divests Canadian oil and gas business for $305 million

Linus Unah – Fourth Estate Contributor

Windsor, United Kingdom (4E) – British energy company Centrica Friday announced that it was offloading its parts of a Canadian partnership for $305 million.

Centrica said in a news release that its 60 percent stake in the Canadian exploration and production joint venture, CQ Energy Canada Partnership, was sold to a consortium led by Asian investors.

The consortium consists of Hong Kong-listed MIE Holdings Corporation, China-based private equity fund The Can-China Global Resource Fund and Mercuria.

The company said the divestment means its exploration and productive activity would now be focused solely on European assets.

The group recently completed the sale of its gas assets in Trinidad and Tobago in last month.

The transaction is subject to customary regulatory approvals, and is expected to close in the second half of 2017.

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