Calouste Gulbenkian Foundation announces $622m asset divestment from oil and gas

The Calouste Gulbenkian Foundation has announced (17 June) that it has signed a sale and purchase agreement to divest the entire issued share capital of Partex Holding B.V. (“Partex”) to a subsidiary of PTT Exploration and Production Public Company Limited (“PTTEP”) from Thailand. PTTEP will pay the foundation up to US$622 million, subject to customary adjustments. The transaction is subject to regulatory approvals, with closing expected to occur towards the end of 2019.

The agreement was signed by the President of the Foundation, Isabel Mota, and the President and CEO of PTTEP, Phongsthorn Thavisin.