BG Group Plc (BRGYY: OTC Link) | 30 May 2012- BG Group sells interest in Philippines power plants

30 May 2012- BG Group sells interest in Philippines power plants

May 30, 2012

OTC Disclosure News Service

Reading, United Kingdom –

BG Group today announced it had reached agreement to sell its 40% equity interest in two
gas-fired power generation plants in the Philippines to its partner in the facilities, First Gen Corporation, for net cash proceeds of $360 million.

 

The sale and purchase agreement, completed on signing, covers the 1 000 megawatt Santa Rita power plant and the 500 megawatt San Lorenzo power plant, both on the island of Luzon.

 

BG Group Chief Executive Sir Frank Chapman said: “The sale of our interest in these power generation plants in the Philippines is another step to realising the planned release of $5 billion of capital in the next two years. This deal, along with strategic divestments already announced this year, will release some $3.6 billion from BG Group’s balance sheet.”

 

-ends-

Notes to Editors:

BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 25 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and transmission and distribution business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit:  www.bg-group.com                

          

Picture Desks:

For images of BG Group visit:  www.vismedia.co.uk (requires additional registration)

 

Contact:

Mark Todd:                             +44 (0) 118 929 3110             mark.todd@bg-group.com

Kim Blomley:                          +44 (0) 118 938 6568             kim.blomley@bg-group.com

Out of Hours Media Mobile:   +44 (0) 7917 185 707

Investor Relations:                  +44 (0) 118 929 3025             invrel@bg-group.com

 

 

There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer to BG Group’s Annual Report and Accounts for the year ended 31 December 2011. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/BRGYY/news?id=48167

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