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
@ Copyright :
Suzanne Plunkett(Reuters)
Text size Aa Aa

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)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.