18 April 2012 16:40 [Source: ICIS news]
LONDON (ICIS)--Statoil has agreed to sell its 54% stake in its downstream fuel and retail business to Canada’s Alimentation Couche-Tard, the Norway-based international oil and gas major said on Wednesday.
Statoil estimates that proceeds for its stake will be $1.5bn.
The divestment would free up capital and streamline Statoil’s portfolio, enabling it to strengthen its upstream energy business, it said.
Statoil added that its agreement with Couche-Tard is subject to certain, unspecified conditions. The deal is expected to be completed in the second quarter, it said.
Statoil Fuel & Retail is a leading fuel retailer in Scandinavia and the Baltic states, and it has a growing market presence in ?xml:namespace>
The business was set up in 2010 as a separate legal entity within Statoil, and in October 2010 it was listed on the
Couche-Tard, which is based in Laval, Quebec, has a network of more than 5,800 convenience stores in
($1 = €0.76)
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