KUALA LUMPUR: Petronas (E&P) Overseas Venture Sdn Bhd has disposed of its entire shareholding in Petronas Carigali Chad Exploration & Production Inc. (PCCEPI), its subsidiary in Chad, north-central Africa, to Savannah Energy Chad Limited.
The disposal include the transfer of PCCEPI’s shares and interests in Petronas Carigali Chad (EP) Inc., DOBA Pipeline Investment Inc. (a shareholder in both Tchad Oil Transportation Company and Cameroon Oil Transportation Company), and Petronas Chad Marketing Inc., to Savannah Energy Chad Limited, Petronas said in a statement today.
“For the proposed transaction, Petronas was advised by Jefferies International Limited. The transaction is currently pending regulatory approvals and fulfilment of conditions precedent, including the approval from Chad’s Ministry of Petroleum and Energy.
“This proposed sale is aligned with Petronas’ asset rationalisation strategy shaped by a regular review of its investments to ensure a better fit with its growth ambitions in the changing industry environment and accelerated energy transition landscape,” it said.
Petronas remains focused on maintaining a robust portfolio with a healthy and sustainable risk and return profile as it expands into non-traditional businesses, including new energy and renewables, to improve its carbon profile and advance its sustainability agenda. – Bernama
Source: The Star
