October 4, 2017 – Mercuria, Can-China Global Resource Fund (CCGRF), MIE Holdings Corporation (MIE) announced the completion of the acquisition of CQ Energy Canada Partnership (CQ Energy).
CQ Energy is the Canadian exploration and production joint venture in which Centrica owned a 60 percent interest. Mercuria, CCGRF, and MIE purchased the partnership for C$722 million in cash before completion adjustment. This is in line with Centrica’s strategy announced in July 2015. Its E&P activity will now be solely focused on European assets post completion of the sale of its gas assets in Trinidad and Tobago in May 2017.
All conditions precedent have been fulfilled and completion of the acquisition of 100 percent of CQ Energy took place on 29 September 2017.
About Mercuria: As a leading energy and commodities group, Mercuria is primarily focused on energy, and is present all along the commodity value chain with activities forming a balanced combination of commodity flows and strategic assets. More than 1,000 people are operating from offices worldwide to sustain the group’s extensive business reach with their market knowledge, diversity, and experience. In 2014, Mercuria completed the acquisition of the physical commodities trading unit of JPMorgan Chase & Co. China National Chemical Corporation (ChemChina), one of China’s largest chemical companies, completed a strategic investment in Mercuria in
2016.
About Can-China Global Resource Fund: CCGRF is an independent market-oriented private equity fund focused on the natural resources sectors in Canada and the U.S. CCGRF completed raising its first phase equity capital in 2013 with available commitments of US$10 billion in subsequent phases from its international investors. CCGRF was the result of bilateral discussions between the governments of Canada and China to encourage the establishment of an independent fund to assist with the responsible investment of public and private capital from China into the Canadian natural resources sector.
About MIE Holdings Corporation: MIE Holdings Corporation is one of the leading independent upstream oil and gas companies operating onshore in China. The Company was successfully listed on the main board of the Hong Kong Stock Exchange on 14 December 2010 (stock code: 01555 HK).
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