Howestreet.com - the source for market opinions

ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

August 29, 2017 | Denmark Sees the Future: Selling oil Interests to Expand Renewable Energies

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

This is what Saudi Arabia is planning to do with its Aramco IPO as well:  raise cash to fund the development of more efficient and diverse, renewable energy resources.  Et tu Canada?  See:  Sale of oil assets fueling Denmark’s transition to green energy:

In another sign that the petroleum era is drawing to a close, Denmark is selling off its last oil company with barely a peep.

Once considered a strategic asset, on a par with national carriers or shipyards, the oil and gas division of A.P. Moller-Maersk A/S is being bought by French giant Total SA. The $7.45 billion deal is expected to be completed by 2018, pending regulatory approval.

Coming just three months after the sale of Dong Energy’s North Sea oil and gas production to German-based Ineos AG, Maersk’s move to offload its oil division has been welcomed by the government and trade unions alike…

Denmark, which is also home to Vestas Wind Systems A/S (a company that produces more turbines than any other manufacturer on the planet), now gets more than 40 percent of its electricity needs from renewable sources, according to 2015 data, and aims to reach more than 50 percent by 2020. The country’s green sector already employs about 67,000 people, double the number of workers in its North Sea industry.

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.

August 29th, 2017

Posted In: Juggling Dynamite

Post a Comment:

Your email address will not be published. Required fields are marked *

All Comments are moderated before appearing on the site

*
*

This site uses Akismet to reduce spam. Learn how your comment data is processed.