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LONDON, May 15 (Reuters) - A joint venture between Britain'sCentrica and Qatar Petroleum has agreed to buy a numberof Canadian natural gas assets from Shell for C$50million in the entity's first joint acquisition since it wascreated a year ago.
The takeover of Shell's assets will increase the jointventure's production in Canada by around 24 million cubic feetequivalent per day and is in line with its strategy to buy gasprojects.
As part of the deal, Shell will take over the jointventure's stakes in the Burnt Timber gas processing plant andWaterton undeveloped lands in southwest Alberta, the companiessaid.
The joint venture, called CQ Energy Canada Partnership, wascreated through Centrica and Qatar Petroleum's C$1 billionacquisition of Suncor assets in Canada in April last year.
The venture, 60 percent owned by Centrica, gives the Britishfirm a cash-rich partner and Qatar Petroleum benefits from anexperienced ally helping it to expand internationally.
Last week, Centrica announced Qatar Petroleum had bought a40 percent stake in its Canadian gas business for C$200 million,which was subsequently placed into the joint venture. (Reporting by Karolin Schaps; editing by Jason Neely)
