By Pierre BertrandOMV said it has reached an agreement with TotalEnergies for the sale of its 50% stake in its Malaysian joint venture for $903 million. The deal includes the repayment of an outstanding $350 million loan granted by OMV to the joint venture, the Austrian oil-and-gas company said Wednesday. SapuraOMV, headquartered in Kuala Lumpur, is a 50-50 joint venture between OMV and Sapura Energy. The French oil-and-gas major said that development of the Jerun gas field in block SK408 is progressing toward a start-up in the second half of the year. The closing of the transaction for the stake in SapuraOMV is expected around the end of the second quarter, OMV said.

Source: Wall Street Journal February 01, 2024 02:57 UTC