Algeria to block Total from buying Anadarko’s Algerian assets – minister

Algeria to block Total from buying Anadarko's Algerian assets - minister

ALGIERS (Reuters) – Algeria will block Total from acquiring Anadarko’s assets in Algeria, energy minister Mohamed Arkab told reporters on a sidelines of a conference on Sunday.

Occidental (NYSE:OXY) Petroleum has agreed to sell Anadarko Petroleum (NYSE:APC) Corporation’s assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion(6.91 billion pounds) if the U.S. oil company succeeds in completing its plan to take over Anadarko.

“Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer,” Arkab said.

“It means there is no contract between Total and Anadarko …We have good relations with Anadarko and we will do the utmost to preserve Algeria’s interests, including using our pre-emption right to block the sale,” the minister said. 

Anadarko holdings in Algeria represent about 260,000 barrels of oil per day, more than 25% of the country’s crude production estimated at 1 million barrels per day.

Written By: Reuters


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments