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Total Confirms the Sale of UK Assets to NEO Energy

Gasoil News - Published on Mon, 25 May 2020

Image Source: Total NEO Energy
Total confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 20191. Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment while Petrogas is no longer part of the transaction.

Total and NEO Energy have developed detailed transition plans to deliver a smooth handover of operations upon completion, while allowing NEO to focus on embedding planned operating efficiencies and growth plans as rapidly as possible.

Subject to regulatory approvals, the parties expect to complete the transaction by the third quarter 2020.

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Posted By : Yogender Pancholi on Mon, 25 May 2020
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