Suncor Energy (NYSE:SU) has divested the conventional portion of its natural gas operations in Western Canada. The company reached an agreement to sell the assets to a newly established partnership consisting of U.K.-based Centrica and Qatar Petroleum International.

The price is $1 billion, and what the partnership is receiving for its money is Suncor's numerous properties in the provinces of Alberta, British Columbia, and Saskatchewan. The production of these assets is expected to total roughly 250 million cubic feet equivalent per day in 2013.

Suncor said the sale is expected to close during Q3. It is subject to regulatory approval from the relevant authorities.

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