Algerian energy minister looking for "good compromise" on Total Anadarko asset acquisition

Algerian energy minister looking for "good compromise" on Total Anadarko asset acquisition
Total Chief Executive Officer CEO Patrick Pouyanne addresses a press conference to present the new Total Spring gas and electricity offer on October 5 2017 in Paris AFP PHOTO ERIC PIERMONT Photo credit should read ERIC PIERMONTAFPGetty ImagesPouyanne111
Published: 2 June 2019 - 10 a.m.
By: Carla Sertin

After Algeria's energy minister said that he would block a $8.8bn deal which would see Total acquire Anadarko's assets in Algeria, Reuters reported that talks would be held between Total and Algeria.

Total Chief Executive Patrick Pouyanne said at the company's annual meeting that he would "meet Algerian authorities very soon." Despite reports that the deal would be blocked, he continue to say, "we are not worried. It is normal that authorities seek to have dialogue with their principal partners and Total is one of the partners of Algeria."

Reuters also reported that Algeria's energy minister responded to questions about his comments by saying that he was looking for a "good compromise."

The deal would see Total purchase Anadarko's Algeria, Ghana, Mozambique and South Africa assets from Occidental if the latter takes over Anadarko.


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