DONG Energy sells off oil and gas assets

British firm Ineos snaps up fossil fuel business for 8.7 billion kroner

The Danish energy company DONG Energy is coming through on its pledge to embrace a sustainable and fossil-free future by divesting its oil and gas assets for 8.7 billion kroner to the British chemical firm Ineos.

As part of the sale, 440 employees will transfer from DONG to Ineos, which will also obtain an oil production of about 100,000 barrels a day – mostly stemming from Norwegian oil fields.

“Since the decision in 2016 to divest our upstream oil and gas business, we’ve actively worked to get the best deal by selling the business as a whole, getting a good and fair price for it and ensuring the optimal conditions for the long-term development of the oil and gas business,” said DONG’s CEO, Henrik Poulsen.

“With the agreement with INEOS we’ve obtained just that. The transaction completes the transformation of DONG Energy into a leading, pure play renewables company.”

READ MORE: Danish energy giant completely quitting coal by 2023

Axing coal
DONG revealed last year that it wanted to focus on renewable energy, such as power plants and wind energy, in the future.

And earlier this year, the energy giant unveiled plans for the divestment of all its coal assets by 2023.

Since 2006, DONG has lowered its coal consumption by 73 percent.

TOP STORIES

Connect club

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.

Sign up here

Career

  • How internationals can benefit from joining trade unions

    How internationals can benefit from joining trade unions

    Being part of a trade union is a long-established norm for Danes. But many internationals do not join unions – instead enduring workers’ rights violations. Find out how joining a union could benefit you, and how to go about it.

  • Internationals in Denmark rarely join a trade union

    Internationals in Denmark rarely join a trade union

    Internationals are overrepresented in the lowest-paid fields of agriculture, transport, cleaning, hotels and restaurants, and construction – industries that classically lack collective agreements. A new analysis from the Workers’ Union’s Business Council suggests that internationals rarely join trade unions – but if they did, it would generate better industry standards.

  • Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    The numbers are especially striking amongst the 3,477 business and economics students polled, of whom 31 percent elected Novo Nordisk as their favorite, compared with 20 percent last year.

Want to advertise your job with CPH Post?

Contact us

Jobs