LONDON (AP) — Royal Bank of Scotland PLC said yesterday that its joint-venture commodities unit RBS Sempra Commodities has sold its metals, oil and European energy businesses to investment bank J.P. Morgan for $1.7 billion.

RBS, which is 84 percent owned by the British government, will get 47 percent of the sale price, and expects to report a small gain on the deal, it said.

Sempra Energy said it expected its share of the sale to be about $940 million.

JP Morgan said the acquisition would be integrated into its existing Global Commodities business.

"We believe we have struck a fair price and contract with JP Morgan," said Bruce Van Saun, RBS' group finance director.