The German activities of Preussag Energie GmbH, Lingen, will be sold to Gaz de France with economic effect from…
The German activities of Preussag Energie GmbH, Lingen, will be sold to Gaz de France with economic effect from 1 January 2003. The transaction is subject to the approval of the TUI AG supervisory board and the competition authorities. The purchase price is about Euro one billion.
Preussag Energie is active in the oil and gas exploration and production business world-wide. In the 2001 financial year, the Lingen-based company generated total revenues of approx. Euro 540 million. It has around 700 employees. Production overall totalled around 3.3 million tonnes of crude oil and 1.2 billion m3 of natural gas. The transaction with Gaz de France involves all of the domestic business of Preussag Energie with exploration and production projects in Northern Germany as well as participations in the natural gas storage facilities in Hamburg-Reitbrook, Schmidhausen and Fronhofen and the unit in Lehrte near Hanover.
Gaz de France is one of the leading gas companies in Europe and is present in 33 countries. In the 2001 financial year, the group generated a turnover of Euro 14.4 billion. The French group with around 36,000 employees is active in all sectors of the gas industry from exploration and production to trading and transport, and supplies approx. 12.5 million customers. It also provides energy-related services.
Negotiations continue with other interested partners on Preussag Energie’s international activities in countries including i.a.Tunesia, South America and New Zealand.
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