Source Pravda.Ru

Fortum Continues Toward New Focus With Asset

Fortum closed the transaction whereby it sells its 35% interest in the Suneinah concession, Block 9, and associated gas exploration and production rights in Oman to Mitsui & Co. Ltd. and its associated company Mitsui Oil Exploration Co. Ltd.

The sale is a result of Fortum's decision to focus on the Nordic energy market and to divest non-core assets.

Fortum realized sales proceeds exceeding 180 million euro (including net working capital) and a net book profit of about 70 million euro from the transaction.

Mitsui and Moeco acquired all of the shares of Fortum (E&P) B.V., a wholly owned subsidiary of Fortum Oil and Gas Oy, effective December 31, 2001.

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