Engie to sell its gas exploration Unit in Algeria

French utility company, Engie SA, wants to sell its gas exploration units in Algeria as part of a larger plan to offer its assets in Africa and Europe in a bid to reduce its exposure to volatile oil and gas prices, Bloomberg reported.

“The company is planning to sell its upstream operations globally including businesses in the U.K., Norway, Algeria, Egypt, Germany and Asia,” the news agency quoted Engie employees who requested anonymity.

The company, together with the state-owned Sonatrach, operates a gas production unit in Touat in the region of Adrar.

Earlier this year, Engie, previously known as GDF-Suez, announced that it plans to disengage from the gas production and exploration business.

This gives credit to Bloomberg reports on the sale of assets by Engie which could fetch about 4 billion dollars by attracting interest from other companies in the industry as well as private equity firms including Blackstone Group LP and Carlyle Group LP