Eni (E) said Tuesday that it signed a framework agreement with Petronas for the establishment of a new company that will hold their assets in Indonesia and Malaysia via a business combination.
The new company will be equally owned by Eni and Petronas, with the partners agreeing on the valuations of assets to be contributed to the venture, according to the Italian energy major.
Eni said the final agreement is expected to be executed by Q4, after completing the transaction's financial due diligence and subject to approvals.
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