BG restructures to isolate transportation unit from foreign operations

07/05/1999
BG plc plans to restructure in a bid to isolate in law its burgeoning international business from its tightly regulated U.K. gas distribution operation.Currently, the Transco gas grid, through which BG and third-party gas suppliers deliver gas throughout Britain, is held by the same corporate unit as BG`s international upstream and downstream oil and gas operations.BG proposes that a new umbrella company, BG Group plc, should be formed with two new divisions: BG Transco Holdings, to operate the U.K. gas grid; and BG Energy Holding, to run the international operations.BG Chairman Richard Giordano said, "To complement the continuing pursuit of operational efficiency, we have needed to addre...
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