Dong Energy to focus on Renewables

Dong Energy to focus on Renewables

In connection with its IPO, DONG Energy confirmed its intention to build a world-class clean energy company with a portfolio based on leading competences in offshore wind, bioenergy and green distribution and customer solutions.

DONG Energy further said that it would manage its oil & gas business for cash, and that future cash flows from the oil & gas business would be used to fund DONG Energy’s investments in renewable energy. As such, it was confirmed that the oil & gas business was not considered a long-term strategic commitment for DONG Energy.

In response to media speculation, DONG Energy confirms that it is reviewing strategic options regarding the future of the oil & gas business, and that J.P. Morgan has been engaged to conduct a preliminary market assessment.

However, DONG Energy has not made a decision to divest the oil & gas business.

The information provided in this announcement does not change DONG Energy’s previously announced outlook for the 2016 financial year.

Source: Oil and Gas Press
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