Shell Egypt to buy 40 pct of W. Desert concession

CAIRO Thu Jan 14, 2010 7:15am GMT

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CAIRO Jan 14 (Reuters) - Shell Egypt (RDSa.L) has received government approval to buy a 40 percent stake in an oil and gas concession in Egypt's Western Desert, the firm said on Thursday.

The current co-owners, GDF Suez (GSZ.PA) and privately-owned Vegas Oil and Gas, will each sell a 20 percent stake in the Alam El Shawish West Concession, Shell Egypt said.

Shell Egypt will operate the venture. Vegas will retain a 35 percent stake and GDF Suez will keep 25 percent, the firm said. (Reporting by Maha El Dahan; Writing by Alastair Sharp)