Deals
PTTEP to Buy Statoil Oil Sands Stake for $2.28 Billion
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PTT Exploration & Production Pcl agreed to buy a 40 percent stake in Statoil ASA’s oil sands project in Canada for $2.28 billion in the biggest acquisition by a Thai company.
Statoil will retain 60 percent of the Kai Kos Dehseh project, according to statements by the two companies. The transaction is expected to close in the first quarter of next year, Stavanger, Norway-based Statoil said. Statoil’s head of international development and production said the company initiated the sale process in October.