Finnish energy group Fortum Corporation announced that it had completed the sale of its 35 percent stake in the Suneinah concession in Oman to Mitsui & Co Ltd and its associated firm Mitsui Oil Exploration Company (MOECO). The transaction realized sales proceeds exceeding €180 million ($169 million) and resulted in a net book profit of approximately €70 million.
The transaction included Fortum's interest in Block 9 in the Suneinah concession and associated gas exploration and production rights in Oman and was a result of the group's strategy to focus on the Nordic energy market and to divest non-core assets, the Fortum statement read.
Mitsui and Moeco are acquiring all of the shares of Fortum (E&P) B.V., a wholly owned subsidiary of Fortum Oil and Gas Oy. The transaction establishes Mitsui and Moeco with a strategic interest in a long-term Omani oil producing property. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
