| After 15 years in operation, ConocoPhillips withdraws from VN market |
|
3/6/2012 9:57:44 PM Viipip - The U.S. oil firm ConocoPhillips has agreed to sell all assets in Vietnam for the French partner Perenco SA for $ 1.29 billion. With this acquisition, ConocoPhillips will be withdrawn from the market to Vietnam after 15 years of operation here. In 16th Feb, ConocoPhillips said the sale of assets in Vietnam as a part of its effort to reduce inefficient operations and improve profitability. Under the plan, the property transfer procedures will be completed in the first half of this year. ConocoPhillips holds 23.3% stake in a cluster of five oil fields of the batch 15-1; 36% stake in the Rang Dong field in block 15-2 in the Cuu Long Basin area and 16.3% in gas pipeline Nam Con Son. Total assets in Vietnam of ConocoPhillips were assigned to Perenco including two offshore areas and 16.3% stake in an oil pipeline. Perenco is an energy firm based in Paris, with oil and gas exploration activities in the countries and regions in Brazil, Peru, Iraq, Australia and North Sea. ConocoPhillips is the third largest oil company in the U.S., after Exxon Mobil and Chevron. Perform financial advisor for ConocoPhillips in this transaction is a securities company named HSBC Securities USA. |
| VIIPIP in synthesis |