Wed, 24 Oct 2012 | BUSINESS SALE
A gas plant has come up for sale near Billingham, it has been revealed.
Teesside Gas Processing Plant, located near Seal Sands, could fetch in the region of £250 million, according to reports from traders and others working in the city.
Deutsche Bank are the plant's main owners at the moment, along with CarVal Investors (a subsidiary of the Cargill Group) and Matlin Patterson, an American private equity firm. German energy group RWE are the main owner-operators, along with Canadian oil and gas company Sterling Resources.
The sale has only just been floated, but the gas plant's chief executive Andy Hepple told the Northern Echo that the upcoming change of hands will not affect the day to day operations on site.
“It is very much business as usual,” he remarked. “The people who work there should not be impacted by it.”
The plant processes up to 800 million cubic feet of North Sea gas a day and draws its raw material from the Breagh field on the Dogger Shelf. This is one of the largest gas discoveries in recent times
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