Centrica and Qatar government have no comment on talk of Qatar bid; in discussions about other projects
Centrica CEO Sam Laidlaw and Qatar’s energy minister Mohammed bin Saleh Al-Sada declined to comment on suggestions of a Qatar bid for the listed UK-based energy company, The Daily Telegraphreported. The article noted that Centrica’s share price gained 1.5% yesterday, 6 June in London on rumours that the Qatar government was looking to acquire a major shareholding in Centrica or that Qatar was mulling a takeover offer for the company.
Al-Sada said, however, that Qatar and Centrica were talking about some UK-based energy projects, the item continued. The report noted that Centrica and Qatar Petroleum International (QPI) in 2011 inked a co-operation agreement, while Centrica and Qatargas agreed a GBP 4.4bn (EUR 5.4bn) deal for the supply of liquefied natural gas.
The item went on to quote Centrica’s head of upstream operations, Mark Hanafin, who said Nebras, an overseas investment company set up by the Qatar Investment Authority, QPI and Qatar Electricity and Water Co., was talking to Centrica about gas-fired electricity generation facilities in the UK.
Centrica has begun a sale process for three gas-fired plants, but also plans to upgrade older gas plants at a cost of up to GBP 150m, the report continued.
A market report in the Financial Times said Centrica is continuing to buy back its own shares, suggesting that the company has nothing to disclose that would be price-sensitive.
Separately, Hanafin said Centrica might seek bolt-on buys in Canada, according to The Daily Telegraphreport.
Centrica's market capitalisation stood at GBP 16.91bn at the close of trading in London on Friday.
Source Daily Telegraph, Financial Times