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FINANCIAL NEWS
Indonesia’s Pertamina to acquire ConocoPhillips’ Algerian unit for USD1.75b
19 Dec 2012
(MENAFN) US ConocoPhillips announced that it will sell its Algerian unit to Indonesia’s Pertamina for USD1.75 billion, reported Xinhua News.
The energy firm said that ConocoPhillips Algeria Ltd. has stakes in 3 major onshore oil fields, with a net output averaging 1,100 barrels of oil equivalent per day through October.
The Houston-based firm said that the sale comes as part of the company’s efforts to shuffle its assets and to focus more on its home market.
The move also improves the strategic interests of both ConocoPhillips and Pertamina.
It is worth noting that ConocoPhillips, which has sold over USD20 billion in assets and investments since 2010, expects the deal to close by the middle of next year.
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