Total: confirms asset sale to Neo Energy
(CercleFinance.com) - Total confirms its commitment to sell non-strategic assets in the UK North Sea to NEO Energy, after renegotiating the financial terms of the July 2019 agreement with HitecVision to reflect current market conditions.
The French energy group specifies that Petrogas is no longer participating in the transaction. Subject to regulatory approvals, the parties expect to close the deal by the third quarter of 2020.
Total and NEO have prepared detailed transition plans to ensure a smooth transfer of operations upon completion of the divestiture, while enabling NEO to implement its operational efficiency and growth plans as soon as possible.
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