[ad_1]
Reuters
Expressive image
“Shell Egypt” said today, Tuesday, that it had signed an agreement to sell its land assets in the Western Desert of Egypt, for a total amount of approximately $ 926 million.
Shell Egypt said in a statement that the value of the deal would be paid with an upfront payment of $ 646 million and payments of up to $ 280 million between 2021 and 2024, “based on the price of oil and results future explorations “.
According to the statement, the deal will be subject to government approval and is expected to be completed in the second half of this year.
Shell’s onshore assets in Egypt include 13 concessions and its stake in Badr El Din Petroleum Company.
Shell has been operating in Egypt since 1911 and its business includes oil exploration and production, marketing and distribution of gas and petroleum products.
Source: Reuters
[ad_2]
Source link
