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Denmark Finally Sells Last Oil Company For $7.45 Billion

Oil Refinery.Walter Siegmund (talk)/Wikimedia

As a country committed to fighting climate change and reducing its carbon footprint, Denmark is finally selling off the last remaining oil company in the country. The oil firms were owned by A.P. Moller-Maersk A/S and the new owner will be Total, the French oil giant. This is yet another step in the complete divestments from oil, which puts the death of the fossil fuel industry much closer to reality.

The whole business involves an oil and gas entity that will net Maersk $7.45 billion, Bloomberg reports. Two-thirds of the amount will come in the form of shares in Total. This is all a part of the company’s intent on divesting all of its commitments in the fossil fuel industry, which also includes drilling and tankers.

Interestingly enough, it would seem that the amount that Maersk got for its energy business was actually more than what analysts were expecting. Considering the progressive downwards direction of the fossil fuel industry, in general, many were thinking that if the company did end up selling its subsidiaries, it was only going to fetch $6.27 billion.

This sale actually comes on the heels of another oil company being sold, when Dong Energy also did the same with its assets, The Huffington Post reports. Dong sold its fossil fuel firms for $1.3 billion, which actually makes a lot of sense for the company since it is the leader in the country’s efforts at cultivating wind farms.

This is just further evidence of Scandinavian countries being quite aggressive in their push to absolutely crush the fossil fuel industry and promote clean energy. This is why nations like Norway, Germany, The Netherlands, and Finland are considered leaders in the field of renewable energy, vastly outpacing the US in terms of commitment to actually reducing the harm that humanity is doing to the world.

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