Malaysian Tycoon Shamsuddin's Sapura Energy To Sell Gas Producer To TotalEnergies For $705 Million [Forbes]
TotalEnergies SE (TTE)
Company Research
Source: Forbes
Photographer: Charles Pertwee/Bloomberg —backed by Malaysian tycoon Shahril Shamsuddin—has agreed to sell 50% of natural gas producer SapuraOMV Upstream to French energy giant TotalEnergies for $705 million. Under the deal on Monday, TotalEnergies will pay Sapura Energy $530 million in cash and assume the Malaysian company's $175 million share of a financing facility extended by OMV Exploration & Production to SapuraOMV. The deal gives TotalEnergies 100% ownership of SapuraOMV, having bought OMV's 50% stake in SapuraOMV for $903 million in January. “The SapuraOMV assets are fully in line with our strategy to grow our gas production to meet demand growth, focusing our portfolio on low-cost and low-emission assets,” Patrick Poyanne, chairman and CEO of TotalEnergies, said in a . “We look forward to strengthening our global partnership with Petronas in Malaysia, a country where we see further development opportunities for our company.” SapuraOMV produced about 500 million cubic f
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