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Denmark Makes Major Moves In Transition From Oil To Wind Power

By Brian Spaen

Denmark is quickly getting out of the oil business and jumping into the wind power industry. The country’s biggest industrial and shipping conglomerate, A.P. Moller-Maersk, has sold off their oil and gas division to a French company called Total. While they’ll still be receiving some profits from oil being harvested in the homeland, that money will be going toward improving the renewable energy infrastructure.

The $7.45 billion deal between Maersk and Total still needs to be finalized, but it’s expected to be approved and closed at some point next year. 67 percent of that amount will be shares of Total’s company. According to Bloomberg, these are three separate divestments -- drilling, tankers, and the supply service unit -- that were formerly combined into one section. Adding together how much each segment will generate in revenue made up the multi-billion dollar deal.

Total, the French company, is considered one of the seven biggest oil companies in the world. They’ll still be harvesting oil from the North Sea, and some revenue from that is going to Maersk. Patrick Pouyanne, CEO of Total, said in a statement that the purchase will provide job opportunities as they continue to push oil and gas production: