Advertisement
|12 November, 2018

Mubadala to buy 20% interest in Egypt's Nour offshore concession from Eni

Eni, which operates the concession through a subsidiary, holds an 85% interest in partnership with Tharwa Petroleum Company,

An international oil tanker passes through the Suez canal in Ismailia, Egypt December 14, 2004. Image used for illustrative purposes.

An international oil tanker passes through the Suez canal in Ismailia, Egypt December 14, 2004. Image used for illustrative purposes.

Getty Images/Scott Nelson

DUBAI- Abu Dhabi state fund Mubadala Investment Company's oil business has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore Area concession from Italy's Eni, it said on Monday.

Eni, which operates the concession through a subsidiary, holds an 85 percent interest in partnership with Tharwa Petroleum Company, which holds a 15 percent interest.

Mubadala Petroleum said the deal was subject to conditions, including approval from Egyptian government authorities.

Advertisement

(Reporting by Alexander Cornwell) ((Alexander.Cornwell@thomsonreuters.com;))