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    Petronas sells business interest in Chad to UK's Savannah


The state-owned company said the sale is aligned with its asset rationalisation strategy.

by: Shardul Sharma

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Petronas sells business interest in Chad to UK's Savannah

Malaysian state-run energy company Petronas has inked a deal to sell the entire shareholding in its Chad subsidiary to UK’s Savannah Energy, it said on December 14.

The agreement includes the transfer of Petronas Carigali Chad Exploration & Production’s shares and interests in Petronas Carigali Chad (EP) Inc., DOBA Pipeline Investment Inc. and Petronas Chad Marketing Inc, to Savannah Energy Chad. 

The transaction is currently pending regulatory approvals, including the approval from Chad’s ministry of petroleum and energy. 

“This proposed sale is aligned with Petronas’ asset rationalisation strategy shaped by a regular review of its investments to ensure a better fit with its growth ambitions in the changing industry environment and accelerated energy transition landscape,” the company said.