Egypt's stocks close in red on Monday as benchmark EGX 30 dips 0.07%    Egypt's stocks start week higher, benchmark EGX 30 gains 0.48%    Fitch affirms Egypt's long-term foreign currency issuer default rating at B+    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    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    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    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    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







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



Shell completes sale of Egypt onshore assets to Cheiron and Cairn
Published in Amwal Al Ghad on 26 - 09 - 2021

Royal Dutch Shell, through subsidiaries Shell Egypt and Shell Austria, completed the sale of upstream assets in Egypt's Western Desert to Cheiron Petroleum Corporation and Cairn Energy, the three companies announced in separate statements on Friday.
Shell Egypt N.V. and Shell Austria GmbH have completed the sale to a consortium made up of subsidiaries of Cheiron and Cairn for a base consideration of $646 million and additional payments of $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.
Capricorn Egypt, a wholly owned subsidiary of Cairn, acquired 50 percent of the assets, with the remaining 50 percent acquired by Cheiron subsidiaries, Cairn said in a statement.
The acquisition value, which is subject to completion adjustments, is $323 million net to Cairn, with additional contingent consideration of up to a maximum of $140 million over four years net to Cairn if certain requirements are met, it added.
The sale, announced on March 9 and the transaction's effective date was 1 January 2020, has now received all necessary regulatory approvals, Shell said in its statement.
"With this transaction Shell is refocusing its business in Egypt on our existing infrastructure position in the West Delta Deep Marine (WDDM), the Harmattan Deep Project and Exploration acreage in the new seven blocks in the Nile Delta, West Mediterranean and the Red Sea; in Midstream through our Egyptian LNG (ELNG) joint-venture; and in Downstream through Shell Lubricants Egypt (SLE)." Shell statement read.
Shell has been active in Egypt for 110 years and remains a leading player there.
Egypt's attractive investment climate
"Cheiron is delighted to have completed this transaction and would like to thank the Government of Egypt for its continuing efforts to maintain an attractive investment climate for the energy sector and for approving Cheiron and Cairn's entry into the concessions." David Thomas, chief executive of Cheiron, said in a company statement.


Clic here to read the story from its source.