UAE's Dana Gas delays decision on Egypt assets sale- sources

Production from Egypt fell 4% to 33,000 barrels of oil equivalent per day (boepd) in 2019

  
UAE's Dana Gas building in Cairo.

UAE's Dana Gas building in Cairo.

REUTERS/Mohamed Abd El Ghany

DUBAI- The United Arab Emirates-based energy producer Dana Gas  has delayed a decision on whether to sell its Egyptian assets because of the market turmoil caused by the coronavirus outbreak, two sources close to the talks said on Thursday.

In February, Dana Gas said it had received bids from some companies for its assets in Egypt and that a final decision would be made by the end of March. 

"A decision has not been reached yet, mainly due to the coronavirus global impact. However the (assets) valuation process is under way," one of the sources told Reuters on condition of anonymity.

No specific date was given for reaching a decision on the potential sale, but a second source said it was "on track".

Production from Egypt fell 4% to 33,000 barrels of oil equivalent per day (boepd) in 2019 from 34,500 boepd in 2018, the company said in February.

(Reporting by Dahlia Nehme; editing by Rania El Gamal and Barbara Lewis) ((dahlia.nehme@thomsonreuters.com;))