Centrica Plc and Qatar Petroleum International Ltd. (QPI), the international arm and wholly owned subsidiary of Qatar Petroleum, expanded their strategic alliance in North America, the companies announced May 8.
QPI will acquire 40% of Centrica’s Canadian natural gas business for C$200million (US$183.7 million). The assets will be placed into Centrica and QPI’s existing 60:40 venture, the CQ Energy Canada Partnership, and will sit alongside assets that were jointly acquired from Suncor Energy Inc. (NYSE: SU), announced in April.
This transaction is the second under the memorandum of understanding signed between the two parties in December 2011, and fully aligns Centrica and QPI’s interests in the Western Canadian Sedimentary Basin.
“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," said Sam Laidlaw, Centrica CEO, in a May 8 press release.
Centrica is based in Windsor, England. Qatar Petroleum is based in Doha, Qatar.
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