Sonatrach’s pre-emption right on Anadarko’s assets: Total adopts a low profile
Mohamed Arkab, the Minister of Energy, wants Algeria to step in ahead of Total and buy up the assets of the Anadarko group in the Berkine basin. A bill of more than $3bn for Sonatrach, i.e. three quarters of its 2018 net income, unless a compromise can be found with the French oil giant which is being cautious during the run-up to the presidential election.
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▪ Sonatrach’s pre-emption right on Anadarko’s assets: Total adopts a low profile
▪ Mohamed Arkab, the Minister of Energy, wants Algeria to step in ahead of Total and buy up the assets of the Anadarko group in the Berkine basin. A bill of more than $3bn for Sonatrach, i.e. three quarters of its 2018 net income, unless a compromise can be found with the French oil giant which is being cautious during the run-up to the presidential election.
▪ https://www.africabusinessplus.com/en/801378/droit-de-preemption-de-sonatrach-sur-les-actifs-danadarko-total-fait-profil-bas/
Since the Algerian authorities announced their intention to block the sale to Total of the assets of U.S. firm Anadarko, which is in the process of merging with its fellow America group Occidental Petroleum, the French oil company is playing it safe. “Total’s approach is to present the case as a legal matter between Anadarko, Occidental and the Algerian government”, explained a source close to the French group which, if this operation goes ahead, would obtain 37% of total production from these reserves.
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