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Suncor Energy Inc Closes Sale Of Majority Of Conventional Natural Gas Business In Western Canada To Centrica plc's And Qatar Petroleum International Ltd' Partnership, CQ Energy Canada

Thursday, 26 Sep 2013 06:56pm EDT 

Suncor Energy Inc announced that it has closed the previously announced sale of the majority of its conventional natural gas business in Western Canada to CQ Energy Canada Partnership, a newly established partnership between Centrica plc and Qatar Petroleum International Ltd. The sale is consistent with Suncor's strategy to focus on a core portfolio of high return, oil producing assets and includes properties situated across multiple regions in Alberta, northeast British Columbia and southern Saskatchewan. Excluded are the majority of Suncor's unconventional Montney natural gas properties in the Fort St. John region of British Columbia and Suncor Energy 's Wilson Creek, Alberta unconventional oil assets. The $1 billion sale price is subject to closing adjustments typical of transactions of this nature and is based on an effective date of January 1, 2013. All necessary regulatory approvals were received including approval under the Investment Canada Act.