Centrica Shares Tumble 4% After £107m Canadian Gas Unit Stake Sale

Centrica shares fell by nearly 5% on market open after the Big Six energy provider said it was selling 40% of its Canadian natural gas business for £107m.

The Centrica stock price fell by 4.7% to 313.00p, before slightly recovering to 313.50p, after revealing that Qatar Petroleum International (QPI) would be snapping up the stake.

"I am delighted that we are further strengthening the relationship between Centrica and QPI," said Sam Laidlaw, CEO at Centrica.

"We look forward to continuing to work together as we consider investment opportunities in gas and power on both sides of the Atlantic."

Nasser Al-Jaidah, Chief Executive Officer of QPI, added "We are pleased to have expanded our strategic alliance with our partner Centrica through this acquisition. This agreement demonstrates QPI's strong commitment to further our existing global partnerships and forge new opportunities where possible."

The groups said the governance of the CQ Energy Canada Partnership joint venture will remain unchanged.