BG Group (LON:BG.) has agreed a US$5bn sale of its Australian pipeline business.
APA (ASX:APA) is buying the QCLNG Pipeline unit which owns 543kms of pipeline in southern Queensland as well as a two-train liquefied natural gas export facility.
Completion of the deal is anticipated in the first half of 2015.
BG told investors it will make a profit of about US$2.7bn as a result of the sale, though it will be partially offset by a post-tax impairment of BG’s remaining Australian LNG assets.
"The sale of the QCLNG pipeline is in line with our strategy to focus on BG Group's core areas of oil and gas exploration and production and LNG,” said executive chairman Andrew Gould.