Denmark’s corporate sector just sold off its last oil company

Denmark’s biggest company is selling off the country’s last oil firm as the world’s top wind turbine-producing nation transitions to renewable energy. 

Last month, A.P. Moller-Maersk, the famed industrial and shipping conglomerate, agreed to sell its oil and gas division to French giant Total.

Pending regulatory approval, the $7.45 billion deal is expected to close by next year, Bloomberg reported.

The move comes three months after Dong Energy, the Danish firm that’s spearheading offshore wind development in the United States and across Europe, sold its oil and gas business to a German buyer for $1.3 billion.

The Nordic nation still needs revenues from its North Sea oil fields to fund its transition to clean energy, and Total promised to do so.

But Denmark has pledged to completely wean itself off fossil fuels by 2050.