May 30, 2012 / 6:42 AM / in 6 years

BG sells Philippines plants stake for $360 million

LONDON (Reuters) - UK gas producer BG Group Plc BG.L said on Wednesday it had agreed to sell its 40 percent stake in two gas-fired power generation plants in the Philippines to free up cash to invest in more lucrative gas and oil production.

    The sale, to BG’s partner in the plants, First Gen Corporation (FGEN.PS), will be for $360 million cash.

    The deal is part of a multi-billion dollar plan to sell assets and get debt off BG’s balance sheet, so cash can be diverted into major new finds in Brazil and Australia.

    Reporting by Tom Bergin; Editing by Hans-Juergen Peters

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