DONG Energy receives regulatory approvals for the divestment of its upstream oil and gas business to INEOS
On 24 May 2017, DONG Energy announced the agreement to divest the entire share capital of DONG E&P A/S to INEOS, including that closing of the transaction was subject to certain regulatory approvals.
We are pleased to announce that today the parties have received the regulatory approvals from the Danish and Norwegian authorities to the indirect transfer of the oil and gas licenses in the respective countries.
As part of the transaction, INEOS takes over all decommissiong liabilities. In accordance with the regulatory framework in Denmark and Norway, DONG Energy assumes a secondary liability for the decommissioning of existing Danish and Norwegian offshore facilities.
The parties expect to complete the transaction on Friday 29 September 2017.
The information in this announcement does not change DONG Energy’s previous financial guidance for the financial year 2017 or the announced expected investment level for 2017.
For further information, please contact:
+45 99 55 95 60
Henrik Brünniche Lund
+45 99 55 97 22
DONG Energy (Nasdaq OMX: DENERG) is one of Northern Europe's leading energy groups and is headquartered in Denmark. Around 5,600 ambitious employees develop, construct and operate offshore wind farms, generate power and heat from our power stations as well as supply and trade in energy to wholesale, business and residential customers. The continuing part of the Group generated revenue in 2016 of DKK 61 billion (EUR 8.2 billion). Read more at www.dongenergy.com