Fortum has signed an agreement to sell its 35% interest in the Suneinah concession, Block 9, and associated gas exploration and production rights in Oman to Mitsui & Co. Ltd. (MITSUI) and its associated company Mitsui Oil Exploration Co. Ltd. (MOECO). The sale is a result of Fortum´s decision to focus on the Nordic energy market and to divest non-core assets.
Fortum expects to realize sales proceeds from the transaction exceeding 180 million euro (including net working capital) and to gain a net book profit of about 70 million euro.
Mitsui and Moeco are acquiring all of the shares of Fortum (E&P) B.V., a wholly owned subsidiary of Fortum Oil and Gas Oy, effective 31 December 2001. The transaction establishes Mitsui and Moeco with a strategic interest in a long term Omani oil producing property.
The transaction is expected to be completed during the second quarter, pursuant to Omani government approval.
Senior Vice President, Corporate Communications
For further information, please contact:
Mr Hans Kristian Röd, President, Exploration and Production Unit,
tel. +47 67 118 955 or +47 90 118 612
Mr Veli-Matti Ropponen, President, Oil Sector, tel. +358 10 452 4115 or +358 50 452 4115