4 hours ago
has sold a 10% stake in egypt’s shorouk offshore concession to mubadala petroleum for more than $1 billion, egypt oil & gas reports.
the emirati company agreed to pay eni $934 million for the stake in addition to a $94 million signing bonus.
eni’s holdings in the concession have been reduced from 60% to 50% following the deal. shorouk’s other stakeholders are #rosneft, which owns 30% of the concession, and #bp, which holds the remaining 10%. the final agreement was signed on june 20 by egyptian petroleum minister tarek el molla and representatives from eni, #mubadala, and the #egyptian
holding company (egas). following the signing of the agreement, el molla said that the deal demonstrates the attractiveness of the egyptian economy to international investors.
mubadala petroleum is a subsidiary company of the state-owned mubadala investment company. the portfolio of the abu dhabi-based investment company is worth over $125 billion.