Noreco to buy Shell Denmark upstream unit for $1.9 billion

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Noreco to buy Shell Denmark upstream unit for $1.9 billion

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Noreco to buy Shell Denmark upstream unit for $1.9 billion 11/05/2018 Norwegian Energy Co. ASA (Noreco) has acquired from Royal Dutch Shell PLC the company’s upstream interests in Denmark via its shares in Shell Olie-og Gasudvinding Danmark BV (SOGU) in a deal valued at $1.9 billion. SOGU, a wholly owned Shell subsidiary, holds a 36.8% non-operatin g interest in the Danish Underground Consortium (DUC). The deal, an agreement by Shell Overseas Holdings Ltd. with Altinex AS, a subsidiary of Noreco, is part of Shell’s strategy “to simplify its portfolio through a $30-billion divestment program,” said Andy Brown, Shell’s upstream director. The transaction includes a 100% interest in Shell Olie-Og Gasudvinding Denmark Pipelines APS (SOGUP) held by SOGU. SOGUP own... read-story Please login to access content. Why Register?

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Source: Google News Denmark | Netizen 24 Denmark

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