July 29, 2009 / 6:28 AM / in 10 years

UPDATE 1-DSM sells energy unit to Taqa, sells Stamicarbon

* Sells DSM Energy to Abu Dhabi National Energy Company

* DSM sells fertiliser technology unit to Maire Tecnimont

(Adds more details, Stamicarbon unit sale)

AMSTERDAM, July 29 (Reuters) - Dutch chemicals group DSM NV (DSMN.AS) said on Wednesday it had sold its DSM Energy unit to Abu Dhabi National Energy Company (Taqa) TAQA.AD for an enterprise value of 285 million euros ($407 million).

The purchase takes the value of oil and gas assets Taqa has accumulated in the North Sea to more than $2 billion. The company is one of the vehicles Abu Dhabi uses to invest oil money, and is 75 percent owned by the emirate’s government. Abu Dhabi holds most of the oil reserves in the United Arab Emirates, the world’s third-largest oil exporter.

The purchase would give Taqa additional daily production of 5,000 barrels oil equivalent per day (boepd), around 85 percent of which is natural gas. It give Taqa a stake in 20 producing oil and gas fields in the North Sea, none of them as field operator.

Taqa said last year it planned to spend $1.4 billion on boosting oil output from its North Sea fields over three years to 60,000 boepd from around 40,000 boepd.

DSM said it expects to realise a book profit of about 275 million euros after tax on the sale, which is expected to close in the third-quarter, subject to regulatory approvals.

DSM Energy had net sales of 161 million euros in 2008. The unit sale includes DSM’s participations in oil and gas exploration on the Dutch Continental Shelf and pipelines.

Separately, DSM said it would sell its Stamicarbon unit, which licences urea technology for fertilisers to Maire Tecnimont (MTCM.MI) for a total sum of 38 million euros on a cash and debt-free basis.

The intended sale is expected to close by the fourth quarter, subject to regulatory and other customary approvals.

The average operating profit for Stamicarbon has been about 10 million euros per year over the past four years. ($1=.7004 euros) (Reporting by Aaron Gray-Block, with additional reporting by Simon Webb in Dubai; Editing by Greg Mahlich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below