Saturday, October 23, 2021

    Shell completes sale of Egypt onshore assets

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    CAIRO, Sept 24 (Reuters) – Royal Dutch Shell (RDSa.L), through subsidiaries Shell Egypt and Shell Austria, has completed the sale of upstream assets in Egypt’s Western Desert to Cheiron Petroleum Corporation and Cairn Energy (CNE.L), it said on Friday.

    The $926 million deal announced in March includes Shell Egypt’s stake in 13 onshore concessions and the Badr El-Din Petroleum Company (BAPETCO).

    The sale has received all necessary regulatory approvals, the company said in a statement.

    Reporting by Nafisa Eltahir; editing by Jason Neely

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