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Monday, 12 March 2018

Eni sells 10% stake in Zohr to UAE’s Mubadala for USD 934 mn

Eni sells 10% stake in concession that is home to Zohr to UAE’s Mubadala for USD 934 mn: Eni has agreed to sell a 10% stake in the Shorouk concession, which holds the Zohr gas field, to Mubadala Petroleum, a wholly owned subsidiary of Abu Dhabi investment vehicle Mubadala Investment Company, the company said in a statement on Sunday. Mubadala will be paying USD 934 mn for the stake; the transaction still needs regulatory sign-off. “This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows,” said Mubadala Petroleum Chairman Musabbeh Al Kaabi. The company now joins Rosneft, which bought a 30% stake in Zohr, and BP (with a 10% stake) as Eni’s partners in the concession.

The acquisition comes a part of wider transaction between Eni and Abu Dhabi’s ADNOC, which would see it acquire a stake in Gulf fields. Eni will acquire a 5% stake in the Lower Zakum offshore oil field and of a 10% stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr, the company said. Eni is the fourth international company to secure rights to one of ADNOC’s new offshore concessions and the first to take a piece of the Umm Shaif and Nasr block, according to Bloomberg.

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