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DONG Energy: Oil and gas is sold this year

DONG Energy: Oil and gas is sold this year

27-04-2017 14:00:00

Dong Energy increased its earnings significantly from its oil- and gas division in the first quarter of this year compared to last year. But the plans to sell are maintained and expected to be completed this year, Dong said in its quarterly report.

The operating profit from Dong's oil and gas activities was doubled to an EBITDA of DKK 2,449 million in the first quarter of this year compared to the same period last year. The result was driven by increased revenue, but also by special items and a significant decrease in costs and investments of 70 percent.

However, the nice result does not change Dong's plans to resell its oil- and gas activities.
"The process of reselling O&G follows the plan, and the transaction is expected closed in 2017," the company's quarterly report states.

A.P. Møller - Maersk has been among the most reputed advisors to take over the activities, but for the time being, the two companies have not been able to agree on the price.

Cairn Energy, one of Europe's leading oil- and gas exploration and development companies, has been mentioned in several media as a favorite to take over activities that, according to Reuters, could cost around $ 2 billion.

But several other potential buyers have been mentioned; Russian oligarch Mikhail Fridmanoil,- and gas company DEA, the chemical giant Ineos and the investment company EIG Global Energy Partners.

Source: The editors of Maritime Denmark

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