BG sells power station interests to KEP

Natural gas company BG has announced that it has signed a sale and purchase agreement (SPA) with energy company Korea Electric Power (KEP) for the sale of its 40 per cent interests in the Santa Rita and San Lorenzo power stations in the Philippines for a net consideration of approximately $400m (£250m).

The net consideration is subject to standard completion adjustments, including interest to be paid to BG upon closing, which is expected in the first quarter of 2011.