Statoil Sells 40% Stake in Thai Oil Sands Project for $2.28 Billion

Zacks.com submits:

Norway based integrated energy company Statoil ASA (STO) announced the sale of its 40% interest in its oil sands project of Kai Kos Dehseh to PTT Exploration and Production (“PTTEP”) of Thailand. Statoil will receive a total consideration of $2.28 billion for the sale.

With the ownership of the remaining 60% interest, Statoil will continue to function as the Managing Partner and operator of the project. The deal is expected to be sealed in the first quarter 2011, with the effective date, January 1, 2011 and is subject to customary regulatory approvals.

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