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Gas plant up for sale
A GAS plant, which processes up to 800 million cubic feet of North Sea gas a day, has been put up for sale by its owners.
Teesside Gas Processing Plant, at Seal Sands, near Billingham, could fetch up to £250m, according to City sources, and has been put on the market by owners Deutsche Bank; CarVal Investors, a subsidiary of the Cargill Group; and American private equity firm Matlin Patterson.
The firm processes North Sea gas from the Breagh field, on the Dogger Shelf, which is one of the northern Europe’s largest gas discoveries in recent years. It is operated, and 70 per cent owned, by German energy firm RWE, with Canadian oil and gas firm Sterling Resources owning the remaining 30 per cent.
The gas plant’s chief executive, Andy Hepple, told The Northern Echo the sale would not affect the day to day running of the facility.
“It is very much business as usual,” he said. “The people who work there should not be impacted by it.”