EnergyWatch

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.

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