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RWE to Sell Oil Production Unit to LetterOne Group

BERLIN -- German energy company RWE AG says it plans to sell its oil and gas exploration and production division to LetterOne Group in a deal valuing the business at about 5.1 billion euros ($7.1 billion).

RWE announced last year it had decided to abandon crude oil and natural gas production and was considering options for selling the RWE Dea AG unit. It said then the move would remove pressure on future capital spending and improve its financial situation.

A brief RWE statement Sunday said the two sides have agreed on terms for the sale and "major contractual conditions" and will clarify further details shortly to conclude a sale agreement. It said the deal will require approval by RWE's directors and authorities in several countries.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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