Britain's BG Group has agreed the sale of its direct and
indirect participation in troubled Argentine natural gas
distributor Metrogas, the company said on Wednesday.
BG will sell its 54.7 percent stake in Gas Argentino - the
holding company that controls Metrogas - as well as a 7 percent
direct stake in the gas distributor to Integra Gas Distribution
LLC for an undisclosed sum.
"(BG) is leaving its Argentine business," a Metrogas
spokesman said, adding that he did not have any information
about Integra Gas Distribution. Local brokerages said they did
not know who owned the company or what it did.
Metrogas, which distributes natural gas to about 2 million
customers in and around the capital Buenos Aires, has been
suffering financial problems due to a tariff freeze imposed a
decade ago at the height of a sharp economic crisis. In
September, it said it was struggling to pay providers because of
the tariff freeze.