BP has agreed to sell part of its share in a key UK North Sea project for £324 million.
Antin Infrastructure Partners has bought a 36.22% interest in the Central Area Transmission System (CATS), which transports and processes gas for most of the major producers in the area.
It can handle more than 48 million cubic metres of gas per day and transports around 8% of the UK’s gas demand.
BP said securing the new owner “will ensure a better long term future” for the project.
Trevor Garlick, Regional President BP North Sea said: “The North Sea is an important region for BP. Our strategy here is to focus our resources and investment to create an efficient, sustainable and competitive business which will contribute to UK energy security for many years to come.”
BP is currently the operator of the CATS and expects to complete the transfer before the end of the year.