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The sale of DONG Energy E&P is approved

The sale of DONG Energy E&P is approved

29-09-2017 10:00:00

On May 24, 2017, DONG Energy announced that it had agreed to sell the entire share capital of DONG Energy's upstream oil and gas business, DONG Energy E&P A/S, to INEOS, and that the transaction was subject to a number of regulatory approvals.

"We are pleased to announce that the parties have received the Danish and Norwegian authorities' approval of the indirect transfer of oil and gas licenses in their respective countries," DONG Energy wrote in a stock exchange announcement.

As part of the transaction, INEOS assumes responsibility for settlement of all facilities. In accordance with Danish and Norwegian legislation, DONG Energy assumes a secondary responsibility for the settlement of existing Danish and Norwegian offshore facilities.

The total purchase price is 8,7 billion DKK. Of which INEOS pays 7 billion cash, while 1 billion is paid for in the Fredericia plant and up to 0,7 billion is subject to the development of the Rosebank field. The parties expect to complete the transaction today, Friday, September 29, 2017.

The deal does not affect DONG Energy's previously announced expectations for the financial year 2017 or the expected investment level announced by 2017.
Read more about the trade HERE

Source: DONG Energy / Maritime Denmark

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