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

[EC]

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.

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

To translate:

"We don't trust the Scots and the pipeline is coming to the end of it's operational life, so we'll unload it while it is still worth something."

[Oceander]

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.

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

To translate:

"We don't trust the Scots and the pipeline is coming to the end of it's operational life, so we'll unload it while it is still worth something."