Coro sells Italian gas assets to Zodiac for €7.5mn
Southeast Asia-focused Coro Energy has signed the sale and purchase agreement for the disposal of its Italian natural gas assets to UK-based Zodiac Energy for €7.5mn ($8mn), it said on March 27.
Coro said its Italian upstream assets have delivered significant free cash flow thanks to the surge in European gas prices, but the company added its primary focus remained on southeast Asia, where it has an interest in the Conrad-operated Duyung gas field off Indonesia.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
“The disposal is fully in line with the company's strategic objectives, enabling Coro to focus exclusively on southeast Asia where demand for energy and the opportunity for material expansion remains very strong,” it said.
Coro will use the funds received to meet Duyung production sharing contract expenditure; potential further solar projects in Vietnam; to continue to progress Philippines solar and wind projects to achieve ready-to-build status; and for working capital whilst being mindful that the Eurobond due date is in April 2024.