Food maker Sara Lee Corporation is to sell the majority of its North American foodservice coffee and tea operations to J.M. Smucker for $350 million.

Sara Lee’s North American foodservice beverage business currently employs approximately 690 people and generated net sales of approximately $530 million in the fiscal year 2011. Approximately $285 million of this was associated with the assets sold to J.M. Smucker.

Following the execution of the agreement, approximately 450 people will transfer to J.M. Smucker, Sara Lee said.

Electricity and gas networks company National Grid has announced the sale of Utility Metering Services (which trades as Onstream) to Macquarie Bank for £274.3 million.

Onstreamis a non-regulated gas and electricity metering business and represents around nine per cent of National Grid’s total UK metering activities by operating profit.

National Grid said that the cash proceeds from the sale will be used within the company to fund its continuing investment programme.

The sale, which is unconditional, is expected to complete shortly.

Sub-Saharan Africa holds some of the world’s biggest hydrocarbon opportunities. Warwick Blyth, executive director of the South African Oil and Gas Alliance (SAOGA) tells Jayne Flannery why South Africa offers the perfect local base for a fast-expanding hub of activity.

Against a background of accounts that Iran is oil-rich but petrol-poor, Alan Swaby looks at Tanzania, which is gas-rich and electricity-poor.

It’s all very well wanting to be green with a sustainable energy policy; but if nature doesn’t play ball, then as the Scottish poet Robert Burns tells us: the best laid plans of mice and men oft go astray.

One of Kuwait’s oldest pipeline construction companies is gearing up for growth. General manager Mohammad Al-Hazza’a talks to Gay Sutton about strategic partnerships and the value of longstanding staff loyalty.

Sir Richard Branson's Virgin Money is said to be close to purchasing the nationalised UK lender Northern Rock.

According to a report in the Sunday Times, Virgin is said to be front runner ahead of banking venture NBNK, which is headed up by Lord Levene and former Northern Rock CEO Gary Hoffman.

Final bids are due this week for the Newcastle-based bank, which UK taxpayers propped up with £1.4 billion following its collapse in 2007.

Dutch rail operator Abellio Group has been selected by the UK’s Department for Transport to operate the Greater Anglia train franchise.

The new franchise, due to start in February 2012, will provide intercity, commuter and rural services throughout the Greater Anglia region.

In the UK, the company already operates the rail companies Merseyrail and Northern Rail, as well as the bus companies Abellio London & Surrey.

American Chemistry Council president and CEO Cal Dooley released a new report today on the potential benefits of shale gas to the Louisiana petrochemical industry, and the US in general.

"Access to untapped supplies of natural gas is one of the most important domestic energy developments in 50 years,” he said. “One-third of US natural gas reserves are comprised of shale gas reserves almost impossible to extract just five years ago. Shale gas promises an industrial renaissance, here in Louisiana and in America."

Ireland’s Providence Resources has announced its intention to commence drilling operations on its 48/24-JBarryroe well in mid-November.

The company has been awarded an exploration licence for Barryroe for a period of up to six years, split into two three-year phases.

The well location and programme have been finalised using new fast-track 3D seismic data.