The assets, which include stakes in the Goldfields Gas Transmission pipeline and the Eastern Gas Pipeline, are expected to raise around $1.95 billion although the company is still considering its options of either a trade sale or initial public offering.

Other assets to be sold include its wholesale power plants in the southeastern United States and natural gas marketing operations in Europe in order to address a bulging $23-billion in debt.

The company's losses for 2003 equated to $1.45 to $1.50 a share, compared with net income of $1.03 billion, or $1.22, in 2002.

However, the stock has climbed 17% since Paul Anderson started as CEO on Nov. 1, 2003.