BP sells stake in North Sea gas pipeline system for £324m

http://www.bbc.co.uk/news/uk-scotland-scotland-business-32431341

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BP has agreed to sell its interest in a major North Sea gas pipeline system to a private equity firm for £324m.

BP is selling its 36.22% share in the Central Area Transmission System (Cats) business to majority shareholder Antin Infrastructure Partners.

The system includes a 250-mile long pipeline between the Everest field and a gas terminal at Teesside in England.

BP is currently the operator of Cats, which transports about 8% of the UK's gas demand.

BP aims to complete the sale and transfer of operatorship before the end of this year.

About 60 BP staff are expected to transfer to the new employer.

'Important region'

BP North Sea regional president Trevor Garlick said: "The North Sea is an important region for BP.

"Our strategy here is to focus our resources and investment to create an efficient, sustainable and competitive business which will contribute to UK energy security for many years to come.

"Key elements of this are the completion of our major projects in the central North Sea and Shetland area, and continued management of our portfolio."

He added: "Cats has been a great business for BP but, aligned to the recommendations of the Wood Review, we believe securing this new owner will ensure a better long-term future for this key piece of North Sea infrastructure.

"Supporting staff and ensuring continued safe operations will be our priority as we go through this transition period."