UK energy giant BP announced that its interest in the Central Area Transmission System (CATS) in the North Sea will be sold for £324m.
BP has agreed to sell its 36% stake in the major North Sea pipeline to majority shareholder Antin Infrastructure Partners. Last year Antin struck a $1 billion deal buying a controlling stake from BG Group.
“We have exciting plans to grow and develop CATS through additional investment,” said Mark Crosbie, Managing Partner of Antin Infrastructure Partners.
CATS is a combination of pipeline and processing facilities operated by BP. It transports and processes gas on behalf of over 20 customers, including most of the major North Sea gas producers. The pipeline is 250 miles (404 kilometers) long and transports about 8% of the UK’s gas demand.
Source: Market Business News.