BG Group BG. Disposal

  BG Group (BG.) - Disposal

RNS Number : 8438N
BG GROUP plc
03 October 2012
 



                                   BG Group

                                       

                Agreement reached for $470m sale of GGCL stake

BG Group today announced it had reached agreement to sell its majority
interest in India's Gujarat Gas Company Limited (GGCL) for approximately INR
24.6 billion or $470 million to GSPC Distribution Networks Limited, a
subsidiary of Gujarat State Petroleum Corporation.

 

The agreement, which is subject to regulatory approval, involves the sale of
BG Asia Pacific Holdings Pte Limited's 65.12% controlling interest in GGCL,
India's largest private sector natural gas distribution company. The
transaction is scheduled to complete during the first half of 2013.

 

BG Group Chief Executive Sir Frank Chapman said: "With this announcement, we
have non-core asset sales agreements in place that will release some $4
billion from our balance sheet. We have made outstanding progress since
announcing our two-year $5 billion release program only eight months ago, and
we remain focused on the successful delivery of our growth projects."

 

                                    -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 20 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.

                                       

                                       

                                       

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
DISBDBDGLUGBGDX -0- Oct/03/2012 13:00 GMT