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Dong impairs oil business by USD 2.3 billion

Dong Energy will make impairments totaling around USD 2.3 billion on the energy group's oil business, and the company shelves plans to spin off the unit ahead of the projected IPO later this year.

Photo: /ritzau/Joachim Adrian/Arkiv

There will be oil included in Dong Energy's planned IPO later this year. But it will be at a value far below what the market was projecting just a few months ago.

After completing a so-called strategic review of its E&P business, the company has decided to maintain its oil business, though the division will be impaired by around USD 2.3 billion (DKK 16 billion), informs Dong in a corporate statement. This figure corresponds to roughly one third of the listed value on which pension fund PensionDenmark based its 2014 bid for the shares in Dong Energy.

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