The UK's BG Group announced Tuesday that it has agreed to sell its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea, along with its associated infrastructure, for $954 million to Antin Infrastructure Partners.
The deal will see BG Group sell its 62.78-percent stake in CATS for $888 million on completion of the transaction with the $66 million balance being deferred.
CATS comprises: a fixed-riser platform linked to the Everest oil and gas platform; a 250-mile, 1,700 million-cubic-feet-of-gas-per-day capacity subsea pipeline; and a two-train onshore gas-processing terminal at Teesside that has a capacity of 1.2 billion cubic feet per day.
The transaction is expected to be completed during the second half of 2014.
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