ConocoPhillips Sells Algeria Unit For $1.75B To Pertamina

Law360, New York (December 18, 2012, 2:42 PM EST) -- Houston-based energy giant ConocoPhillips has agreed to sell its Algerian onshore oil field operations to Indonesian state-owned oil and gas firm PT Pertamina for $1.75 billion, ConocoPhillips said Tuesday.

The Texas oil and gas firm will sell its wholly owned subsidiary, ConocoPhillips Algeria Ltd., to a unit of Pertamina. The deal is subject to agreement by ConocoPhillips' joint venture partners in Algeria and approval from the Algerian government.

The sale is part of ConocoPhillips' long-term plan to divest its noncore assets to increase shareholder value, optimize...
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