British energy firm Centrica and state-owned Qatar Petroleum International have agreed to buy Canadian oil and gas assets from Suncor Energy Inc for CAN$1 billion (749 million euros), the pair said on Monday. The deal, worth the equivalent of £650 million or US $980 million, covers assets that are located in the Canadian regions of Alberta, north-eastern British Columbia and southern Saskatchewan.
"Centrica plc and Qatar Petroleum International, the international arm and wholly owned subsidiary of Qatar Petroleum (QP), have agreed to acquire jointly a package of producing conventional natural gas and crude oil assets and associated infrastructure located in the Western Canadian Sedimentary Basin from Suncor Energy for CAN$1 billion in cash," the two groups said in a statement. The acquisition is meanwhile the first investment made under the memorandum of understanding agreement that the two groups signed in December 2011.