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Friday, November 29, 2013
ConocoPhillips is now officially out of Algeria. The company completed the sale of its Algerian business unit to Pertamina. The sale price on the transaction was $1.75 billion, which resulted in proceeds of $1.65 billion, including customary adjustments.
“We are pleased to complete this transaction with Pertamina,” said Don Wallette, executive VP, Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria.”
The company’s divestiture proceeds from 2012 through Q3 2013, plus this sale and the recently completed Kashagan sale, have totaled approx. $12.4 billion. These proceeds will be available for general corporate purposes, including investments in the company’s organic growth programs.
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