British oil and gas producer BG Group said this morning it had agreed to sell its 51 per cent stake in Northern Irish gas distributor Phoenix Natural Gas for about £120 million sterling in cash.
BG said it was selling the stake to water and gas utility East Surrey Holdings, which already owns 24.5 per cent of Phoenix and has agreed to buy a further 24.5 per cent stake from Keyspan Energy Development to take full ownership.
