Shell completes sale of Egypt onshore assets

The $926mln deal announced in March includes Shell Egypt's stake in 13 onshore concessions and the Badr El-Din Petroleum Company

  
Shell's company logo is pictured at a gas station in Zurich April 8, 2015. BG Group's bonds traded up strongly on Wednesday on the back of Royal Dutch Shell's US$70bn offer to buy the UK firm. Image used for illustrative purpose

Shell's company logo is pictured at a gas station in Zurich April 8, 2015. BG Group's bonds traded up strongly on Wednesday on the back of Royal Dutch Shell's US$70bn offer to buy the UK firm. Image used for illustrative purpose

REUTERS/Arnd Wiegmann

CAIRO - Royal Dutch Shell, through subsidiaries Shell Egypt and Shell Austria, has completed the sale of upstream assets in Egypt's Western Desert to Cheiron Petroleum Corporation and Cairn Energy, it said on Friday.

The $926 million deal announced in March includes Shell Egypt's stake in 13 onshore concessions and the Badr El-Din Petroleum Company (BAPETCO). 

The sale has received all necessary regulatory approvals, the company said in a statement.

(Reporting by Nafisa Eltahir; editing by Jason Neely) ((Nafisa.Eltahir@thomsonreuters.com;))


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