| Updated:
BG sells Philippines plant stake for $360m
UK gas producer BG said it had agreed to sell its 40 per cent stake in two gas-fired power generation plants in the Philippines to free up cash to invest in more lucrative gas and oil production.
The sale, to BG’s partner in the plants, First Gen Corporation, will be for $360m (£231m) cash.
The deal is part of a multi-billion dollar plan to sell assets and get debt off BG’s balance sheet, so cash can be diverted into major new finds in Brazil and Australia.