DONG Energy completes oil and gas business sale

DONG Energy has completed the divestment of its upstream oil and gas business to Ineos.

When announcing the divestment in Maay, DONG Energy said Ineos will pay US$1.05 billion on a cash and debt-free basis.

The company added that approximately 430 employees have been transferred from DONG Energy to Ineos.

Following the completion of the transaction, DONG Energy said it intends to change the company name, reflecting its transformation into a pure play renewables company.

The new company name will be unveiled during the day, the company’s statement reads.