Regional: ConocoPhillips sells Vietnam business units
Friday, February 17 2012 - 01:10 AM WIB
US oil major ConocoPhillips on Thursday announced that it has entered into an agreement to sell its Vietnam business units for a total of US$1.29 billion plus customary working capital adjustments.
ConocoPhillips has entered into definitive agreements with a subsidiary of Perenco to sell its three wholly-owned subsidiaries that separately hold its 23.25 percent participating interest in Block 15-1, 36 percent participating interest in Block 15-2, and 16.3 percent participating interest in Nam Con Son Pipeline.
The transaction is anticipated to close in the first half of 2012.
"The sale of our Vietnam business unit is an important component of our $15-20 billion 2010-2012 asset divestiture program. ConocoPhillips has conducted business in Vietnam for more than 15 years, and we are pleased that Perenco has recognized the value of these quality assets," said Al Hirshberg, senior vice president, Planning and Strategy, ConocoPhillips.
For 2010-2011, ConocoPhillips? asset divestiture program yielded $10.7 billion in proceeds, in addition to $9.5 billion from LUKOIL share sales, giving total dispositions of $20.2 billion over this period.
Editing by David Mustakim