home Exploration, Finance Total to Buy Maersk’s Oil and Gas Business for $4.95 Billion

Total to Buy Maersk’s Oil and Gas Business for $4.95 Billion

LONDON — The Danish container shipping company A.P. Moller-Maersk said on Monday that it had agreed to sell its oil and gas business to the French energy giant Total for $4.95 billion.

Oil prices have started to recover after an extended downturn, strengthening profit at major oil producers in the second quarter of this year and opening the door to more mergers in the sector.

Patrick Pouyanné, the chairman and chief executive of Total, said last month that the company would “take advantage of the low-cost environment” to start new projects and seek acquisitions.

Share this article:
7 views