Dong sells oil and gas business to Swiss company

After protracted negotiations, it has now emerged that Swiss company Ineos will buy Dong's oil and gas business.

Photo: DONG

440 Dong employees will be working under new management in a deal which could be worth upwards of DKK 8.7 billion (EUR 1.17 billion) for the Danish energy giant. Wednesday morning, Dong announced that the company has entered a deal with Swiss chemical giant Ineos concerning the sale of its oil and gas activities.

More specifically, the sale will be divided into an unconditional USD 1,050 million (EUR 939 million) cash payment on a debt-free basis, a conditional USD 150 million payment which applies to the separation plant in Fredericia, Denmark, as well as a payment of USD 100 million which is conditional on the development of the Rosebank field.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Ørsted forced to delay coal phase out

The Danish authorities have ordered Ørsted to continue operations of one coal fired power plant and resume operations on two others until 2024. The utilty maintains aim of CO2-neutrality in 2025.

Further reading

Related articles

Latest News

See all jobs