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BREAKING NEWS

BREAKING NEWS

Egypt says approves BP acquisition of 25 percent stake in Eni's Nour concession

Egypt says approves BP acquisition of 25 percent stake in Eni's Nour concession
FILE PHOTO: A BP logo is seen on a petrol station in London November 2, 2010. REUTERS/Suzanne Plunkett/File Photo -
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Suzanne Plunkett(Reuters)
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CAIRO (Reuters) - Egypt's petroleum minister on Sunday signed an agreement with BP and UAE-based Mubadala Investment Co giving them stakes in the Nour gas field off the northern coast of Sinai.

BP <BP.L> will buy 25 percent and Abu Dhabi state fund Mubadala 20 percent of Italian energy company Eni's stake, the petroleum ministry said in a statement.

Eni <ENI.MI> had held an 85 percent stake and Egypt-based Tharwa Petroleum Co holds 15 percent of Nour.

(Reporting by Ehab Farouk; Writing by Yousef Saba; Editing by Matthew Mpoke Bigg)

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