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Algeria to block Total from buying Anadarko's Algerian assets - minister

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05/26/2019 | 06:37pm EDT
FILE PHOTO: A Total flag at La Defense business and financial district in Courbevoie

ALGIERS (Reuters) - Algeria will block Total from acquiring Anadarko's assets in Algeria, energy minister Mohamed Arkab told reporters on the sidelines of a conference on Sunday.

Occidental Petroleum has agreed to sell Anadarko Petroleum Corporation's assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion if the U.S. oil company succeeds in completing its plan to take over Anadarko.

"Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer," Arkab said.

"It means there is no contract between Total and Anadarko ...We have good relations with Anadarko and we will do the utmost to preserve Algeria's interests, including using our pre-emption right to block the sale," the minister said.

Anadarko holdings in Algeria represent about 260,000 barrels of oil per day, more than 25% of the country's crude production estimated at 1 million barrels per day.

There was no immediate comment from Total or Anadarko.

In 2018, Algeria's state energy firm Sonatrach and Total signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture.

Total said at the time that the development represented an investment of $400 million. It said it would also form a joint venture company called STEP for a joint petrochemical project in Arzew, western Algeria.

But the relationship between Algeria and France remains scarred by the trauma of the 1954-1962 independence war in which the North African country broke with France. Hundreds of thousands of Algerians were killed and both sides used torture.

(Reporting by Lamine Chikhi; Editing by Jane Merriman and Daniel Wallis)

By Lamine Chikhi

Stocks mentioned in the article
ChangeLast1st jan.
ANADARKO PETROLEUM -0.10% 69.76 Delayed Quote.59.28%
OCCIDENTAL PETROLEUM CORPORATION 1.01% 49.81 Delayed Quote.-19.66%
TOTAL -0.21% 47.15 Real-time Quote.2.10%
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Financials ($)
Sales 2019 13 889 M
EBIT 2019 3 497 M
Net income 2019 993 M
Debt 2019 15 286 M
Yield 2019 1,72%
P/E ratio 2019 30,59
P/E ratio 2020 22,73
EV / Sales 2019 3,63x
EV / Sales 2020 3,33x
Capitalization 35 173 M
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Mean consensus HOLD
Number of Analysts 27
Average target price 71,1 $
Spread / Average Target 1,5%
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Managers
NameTitle
Robert A. Walker Chairman & Chief Executive Officer
Robert G. Gwin President
Benjamin Matthew Fink Chief Financial Officer & Executive Vice President
Mario M. Coll Chief Information Officer & Senior Vice President
H. Paulett Eberhart Lead Independent Director
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CONOCOPHILLIPS-5.66%67 155
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OCCIDENTAL PETROLEUM CORPORATION-19.66%36 885
CANADIAN NATURAL RESOURCES LTD7.98%31 864