Global energy giant sells 259-mln-USD subsidiary in Brunei-Xinhua

Global energy giant sells 259-mln-USD subsidiary in Brunei

Source: Xinhua

Editor: huaxia

2024-06-14 21:34:45

BANDAR SERI BEGAWAN, June 14 (Xinhua) -- The TotalEnergies, one of major global energy companies, has entered into an agreement to sell its wholly-owned subsidiary in Brunei Darussalam for a consideration of 259 million U.S. dollars, according to a statement from TotalEnergies on Friday.

According to the statement, the transaction is expected to close in the fourth quarter of 2024. The TotalEnergies EP (Brunei) B.V. will be sold to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company.

"This transaction fits with our strategy to actively manage our portfolio by monetizing mature assets and to allocate our talents to the most promising assets," said Jean-Pierre Sbraire, chief financial officer of TotalEnergies.