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Tuesday, 13 November 2018

UAE’s Mubadala buys 20% interest in Egypt’s Nour concession

M&A WATCH- UAE’s Mubadala buys 20% interest in Egypt’s Nour concession: The UAE’s Mubadala Petroleum has agreed to buy a 20% participating interest in Egypt’s Nour offshore concessionin North Sinai from Italy’s Eni, Reuters reports. The value of the investment was not disclosed. Eni holds an 85% stake in the concession while Tharwa Petroleum Company holds the remaining 15%. The acquisition is pending government approval, Mubadala said. Mubadala bought a 10% stake in the Shorouk concession, which holds the Zohr gas field, from Eni in a USD 934 mn transaction in June.

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