Centrica, the utility company, has announced that in partnership with Qatar Petroleum International (QPI) it will acquire £640m of assets principally in South and Central Alberta (release). The assets will be held in a new partnership in which Centrica will take a 60 per cent share and QPI the remaining 40 per cent. This acquisition follows a Memorandum of Understanding (MoU) agreed between the two parties in 2011.
Sam Laidlaw, chief executive of Centrica, said:
I am delighted to achieve our first investment with QPI under the MoU, and the establishment of a new partnership in North America. The acquisition provides attractive returns in a region we know well, and significantly increases the size and quality of our portfolio. It also presents exciting development opportunities, with the potential to improve returns further.