Norway's Statoil announced Wednesday that it has decided to accept a cash offer of some $1.5 billion (NOK 8.6 billion) from Canadian firm Alimentation Couche-Tard for its 54-percent stake in Statoil Fuel & Retail business.
As a result, Statoil Fuel & Retail (whose stock is currently listed on the Oslo Stock Exchange) will no longer be consolidated in Statoil's accounts.
Statoil Chief Financial Officer Torgrim Reitan said in a press statement that the sale would allow Statoil Fuel & Retail to pursue its strategy under new and long-term industrial ownership.
"For Statoil, it frees up capital, streamlines our portfolio and enables us to further strengthen our focus as a technology-focused upstream energy company, in line with our strategy," he added.
Statoil established Statoil Fuel & Retail as a separate entity listed on the Oslo Stock Exchange in 2010 because of its "different drivers for value creation compared to Statoil's core business."
In February this year Statoil said that it planned to mature its large portfolio of exploration assets and expects to spend approximately $3 billion completing around 40 wells in 2012.
A former engineer, Jon Mainwaring is an experienced journalist who has written about the technology, engineering and energy industries. Email Jon at firstname.lastname@example.org.