4 November 2019

Partex sale signed and completed

The Calouste Gulbenkian Foundation today concluded the sale process of Partex Holding B.V. to PTTEP.

Fundação Calouste Gulbenkian© Ricardo Oliveira Alves
Fundação Calouste Gulbenkian© Ricardo Oliveira Alves

The Calouste Gulbenkian Foundation today concluded the sale process of Partex Holding B.V. to PTTEP, the listed Thai corporation that is also a member of the Dow Jones Sustainability index. In business since 1985, PTTEP runs over 40 oil projects in 15 countries located all around the world.

Following the sale agreement, signed on 17 June of this year, and having since obtained all of the authorisations necessary, the final sale documents were today signed that enable this prestigious Thai oil exploration and production company to take over control of Partex, while duly valuing its unique history, high quality portfolio and the solid performances of its management and members of staff.

PTTEP will pay the Foundation up to US$622 million, subject to customary adjustments. 

The Calouste Gulbenkian Foundation Board of Trustees expresses its congratulations on the conclusion of this process that shall enable the growth and expansion of Partex as it embarks on a new cycle of development.

This is a moment of particular relevance given the disposal of Partex, an asset that represented approximately 18% of its total investment, enables the Foundation to adopt a sustainable vision of the future shared with other major international foundations.

Updated on 04 November 2019