ConocoPhillips sells Algeria business unit to Pertamina
HOUSTON – ConocoPhillips has completed its transaction with Pertamina for the sale of its Algeria business unit for a total sales price of $1.75 billion, which resulted in proceeds of $1.65 billion, including customary adjustments.
“We are pleased to complete this transaction with Pertamina,” said Don Wallette, executive V.P., Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria."
The company’s divestiture proceeds from 2012 through third-quarter 2013, plus this sale and the recently completed Kashagan sale, have totaled approximately $12.4 billion. These proceeds will be available for general corporate purposes, including investments in the company’s organic growth programs.