Shell Egypt to buy 40 pct of W. Desert concession
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)
- Tweet this
- Share this
- Digg this
- UPDATE 1-Tennis-U.S. Open women's singles round 4 results
- Polls say Scotland will spurn independence, but are they right?
- Putin calls for talks on east Ukraine 'statehood'; rebels fire on ship |
- Zimbabwe prove potential with shock win over Australia
- Australia unveils fresh sanctions against Russia over Ukraine