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Tullow steps back in Uganda
Oil producer Tullow Oil (TLW), a one-time constituent of the
FTSE 100, is set to complete the long-awaited farm down of its stake in Uganda’s first ever oil development. The $900m transaction with French partner Total (FP:EPA) will see the company hand over two-thirds of its stake in the Lake Albert project, leaving it with 12%. This move should reduce cash requirements for the heavily indebted business. (TS)