Marathon Oil sells Irish unit to Malaysian company Star Energy Group
Dec 17th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Marathon Oil Corporation today announced that it has entered into a definitive agreement with Star Energy Group, a wholly owned subsidiary of Malaysia's State oil compmny Petroliam Nasional Berhad (Petronas), under which Star Energy Group will purchase Marathon’s wholly owned subsidiary, Marathon Oil Ireland Limited for $180 million, excluding any purchase price adjustments at closing. The companies expect to close the transaction, subject to completion of the necessary administrative processes with Irish authorities, early in the first quarter of 2009. This agreement does not include Marathon’s 18.5 percent interest in the Corrib natural gas development.