DONG Energy has confirmed media speculation that it is considering selling its oil & gas business to concentrate on offshore wind development.
In response to recent speculation, DONG Energy has confirmed that it is reviewing strategic options regarding the future of the oil & gas business.
In connection with its IPO, the company said that it intends to build a world-class clean-energy company with a portfolio based on leading competences in offshore wind, bioenergy, and green distribution and customer solutions.
J.P. Morgan has been engaged to conduct a preliminary market assessment. However, DONG Energy has not made a decision to divest the oil & gas business.
DONG Energy further said that it would manage its oil & gas business for cash, and that future cash flows from the oil & gas business would be used to fund DONG Energy’s investments in renewable energy. As such, it was confirmed that the oil & gas business was not considered a long-term strategic commitment for DONG Energy.
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