MOSCOW (MRC) -- Libya's Government of National Unity has approved the sale of US oil company Hess Corporation's stake in the giant Waha oil concessions to both TotalEnergies and ConocoPhillips, reported S&P Global wth reference to a statement of Patrick Pouyanne, CEO of TotalEnergies, Nov. 22.
Pouyanne confirmed the deal while speaking at the Libya Energy & Economic Summit 2021 in Tripoli on Nov. 22.
Hess Corporation's 8.16% stake in the key oil license will now be split evenly between France's TotalEnergies (4.08%) and ConocoPhillips (4.08%), sources close to the matter told S&P Global.
But the deal has also been attracting some opposition domestically, and with elections just over a month away pressure was mounting on Prime Minister Abdul Hamid Dbeibah to pass the deal.
Deputy Oil Minister Refaat al-Abbar, who chairs the ministry's technical committee for production affairs, had approved the sale over the past few days, sources said.
Representatives at Hess and ConocoPhillips were unavailable for comment.
In a letter dated Nov. 9 written by Prime Minister Dbeibah to Pouyanne, the PM said he welcomed and supported the proposed joint acquisition. But he asked the two companies to contribute USD45 million to a wholly owned government entity that will be designated in the course of the finalization of the transaction agreement.
As MRC informed before, with its name change from Total to TotalEnergies amid its transition from fossil fuels, the major oil company is investing more in renewables and energy storage while decreasing emissions from its natural gas business.
We remind that TotalEnergies has recently inaugurated the extension of Synova in Normandy, the French leader in recycled polypropylene production. TotalEnergies is therefore doubling its mechanical recycling production capacity for recycled polymers, to meet growing demand for sustainable polymers from customers, such as Automotive Manufacturer (Auto OEM) and the construction industry.
According to MRC's ScanPlast report, PP shipments to the Russian market were 1,138,510 tonnes in the first nine months of 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables, and electricity. The company rebranded itself from Total to TotalEnergies during Q2 2021. The French firm has announced allocating part of surplus revenues to share buybacks. Its 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.