 BG says it still plans to play an active role in Northern Ireland |
Oil and gas producer BG Group has agreed to sell its majority stake in a gas distributor in Northern Ireland. BG said it would sell its 51% holding in Phoenix Natural Gas to water and gas utility East Surrey Holdings in a deal worth �120m ($204m).
UK-based BG said the proceeds from the sale would be used for reinvestment elsewhere in its business.
East Surrey also plans to buy the 24.5% of Phoenix owned by US-based distributor Keyspan.
BG said it would continue playing an active role in Northern Ireland's energy market through its ownership of Premier Power and its joint venture Premier Transmission.
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