ConocoPhillips announces sale of Vietnam business unit

Feb 22, 2012 12:00 AM

ConocoPhillips announced that, as part of its ongoing strategy to create shareholder value, it has entered into an agreement to sell its Vietnam business unit for a total of $ 1.29 bn plus customary working capital adjustments.
ConocoPhillips has entered into definitive agreements with a subsidiary of Perenco to sell its three wholly-owned subsidiaries that separately hold its 23.25 % participating interest in Block 15-1, 36 % participating interest in Block 15-2, and 16.3 % participating interest in Nam Con Son Pipeline. The transaction is anticipated to close in the first half of 2012.

"The sale of our Vietnam business unit is an important component of our $ 15-20 bn 2010-2012 asset divestiture program. ConocoPhillips has conducted business in Vietnam for more than 15 years, and we are pleased that Perenco has recognized the value of these quality assets," said Al Hirshberg, senior vice president, Planning and Strategy, ConocoPhillips.
For 2010-2011, ConocoPhillips’s asset divestiture program yielded  $ 10.7 bn in proceeds, in addition to $ 9.5 bn from LUKoil share sales, giving total dispositions of $ 20.2 bn over this period.

The sale of the Vietnam business unit is just one part of ConocoPhillips’s plan to create value for shareholders through a continued focus on optimizing the portfolio, enhancing returns, strengthening financial flexibility and increasing shareholder distributions.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,800 employees, $ 153 bn of assets, and $ 245 bn of revenues as of Dec. 31, 2011.

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