Tullow Oil to sell two Uganda stakes
Tullow Oil yesterday agreed to sell part of its operations in Uganda to France's Total and China's CNOOC for £1.8bn.
The Anglo-Irish energy firm will offload one-third stakes to each company in three exploration areas in the East African state.
The deal clears the way for the Ugandan government to approve a £6bn refinery in the oil-rich Lake Albert region of the country.
'This is an enormous African project and will be one of the biggest in Africa and will be transformative for both Africa and Uganda,' said Tullow chief executive Aidan Heavey.
Shares rose 15p to 1459p.
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