NEW YORK, Dec 18, 2012 (AFP) -
NEW YORK, Dec 18, 2012 (AFP) –
ConocoPhillips said Tuesday it has agreed to sell its Algerian unit to Indonesian state-owned oil company Pertamina for $1.75 billion.
The US oil giant, based in Houston, Texas, said the wholly owned subsidiary, ConocoPhillips Algeria Ltd., holds interests in three major onshore oil fields.
The proposed sale requires Algerian government approval.
“The sale of our Algerian business unit represents another important step in transforming ConocoPhillips’s asset base, and advances the strategic interests of both Pertamina and ConocoPhillips,” said Don Wallette, executive vice president, Commercial, Business Development, and Corporate Planning.
The company said it expected the sale to close by mid-2013.
