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Thursday, 26 April 2018

Is Merlon looking to invest USD 55 mn next fiscal year?

INVESTMENT WATCH- Is Merlon looking to invest USD 55 mn next fiscal year? American oil outfit Merlon International is reportedly looking to spend USD 55 mn in Egypt next fiscal on exploration, Merlon JV PetroSilah Petroleum Chairman Taher Abdel Rahim told Al Shorouk. USD 20 mn will be allocated to drilling eight wells in its Feyoum concessions in FY2018-19, Abdel Rahim added. His statement comes amid reports that New York-based private equity firm Yorktown Partners is planning to sell Merlon to raise USD 400 mn.

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