Société des Hydrocarbures du Tchad Completes Acquisition of PETRONAS Assets in Chad and Cameroon
May 22, 2023
Cleary Gottlieb represented the Republic of Chad and state-owned oil company Société des Hydrocarbures du Tchad (SHT) in the completion of the acquisition of the interests of PETRONAS, the Malaysian state-owned oil company, in several oil fields in Chad exploited in consortium with Esso and SHT and in the Chad/Cameroon pipeline.
The acquisition was signed on December 12, 2022, and closed on May 22, 2023, following the antitrust approval of the Communauté Economique et Monétaire de l’Afrique Centrale (CEMAC) on May 15, 2023.
Following the completion of such acquisition, SHT and the Republic of Chad hold a 100% interest in the consortium, as well as a 100% interest in the Chadian pipeline company and a 53.8% interest in the Cameroonian pipeline company.