Dec 05 2011 |
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UPDATE: Centrica,Qatar Petroleum Ink MOU On Energy Investments
Monday, Dec 05, 2011
-- Centrica, QPI ink MOU to cooperate in energy-related investments
-- MOU deepens relationship between Centrica and Qatar
-- Investment targets include upstream oil, gas, LNG, storage, turbine generation
(Adds Centrica CEO, analyst comment, detail.)
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--U.K. utility Centrica PLC (CNA.LN) said Monday it had signed a memorandum of understanding with Qatar Petroleum International detailing cooperation in energy-related investments between the two companies.
The MOU serves to further deepen and extend the relationship between the U.K. utility and gas-rich Qatar, following a GBP2 billion deal signed in February to deliver liquefied natural gas to the U.K., as Centrica seeks to secure sufficient gas supplies to meet requirements in the face of declining North Sea output.
"The partnership will enable us to jointly develop significant energy investments that will further boost the long-term security of the U.K.'s gas supply," Centrica Chief Executive Sam Laidlaw said. "We will also explore joint opportunities to deploy capital and expertise in other markets to deliver growth and value for the group."
Investment targets will include new or existing projects in upstream oil and gas including liquefied natural gas, gas storage and combined-cycle gas turbine generation assets and downstream opportunities, Centrica said in the statement.
The alliance also shows the objective of QPI, the international investment arm of Qatar Petroleum , to play a greater role with partners such as Centrica.
Analyst Peter Atherton from Citigroup said the MOU was a nice option for Centrica and could be a "small positive" for share prices.
"This was in the pipeline, so it's largely expected news," he said.
Citigroup has a target price of 310 pence and a hold rating on the stock.
At 1029 GMT, Centrica shares were up 2.50 pence, or 0.8%, at 298.80 pence, slightly outperforming the FTSE-100 index.
-By Selina Williams, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com
(END) Dow Jones Newswires
05-12-11 1048GMT
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