Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's Citadel says selling oil unit to Sea Dragon
Country's largest private equity firm will sell National Petroleum Company to Canadian energy developer for $147.5 million
Reuters Published in Ahram Online on 09 - 01 - 2012

Egyptian private equity firm Citadel Capital said on Monday it is selling National Petroleum Co Egypt (NPC Egypt) to Canadian-listed company Sea Dragon Energy Inc in a cash and stock deal valued at $147.5 million.
Sea Dragon, an exploration and development company, will pay $60 million in cash and issue 350 million shares to the Citadel fund which owns NPC Egypt, Golden Crescent Investments, at 25 cents per share, Citadel said in a statement.
"This is the first of several transactions to which we have alluded in recent months that will see Citadel Capital rationalise its portfolio through the divestiture of some non-core investments," Citadel's chairman and founder Ahmed Heikal said in the statement.
Sea Dragon is currently engaged in the exploration and development of two concessions in Egypt, the statement said.
Citadel, with more than $9 billion of investments under control, owns a 15.05 per cent direct stake in Golden Crescent and the rest is owned by limited partners. Sea Dragon and Golden Crescent expect the deal to close in late February or early March, the statement said.
Citadel's portfolio also includes Nile Valley Petroleum, an oil and gas exploration company in Sudan, and energy distribution group Taqa Arabia.
Egypt's popular uprising knocked confidence in the country's economy, sent inward investment tumbling and made it harder to raise money for new industrial projects.
Citadel held sale talks with Dubai firm Abraaj Capital last year but the talks fell through in July after Abraaj pulled out. The firm completed a $176 million rights issue in October.

Clic here to read the story from its source.