Cairo – Mubasher: Italy’s Eni is set to sign a final contract with the UAE’s Mubadala Petroleum to sell a 10% stake in Zohr Field Concession in consideration for AED 3.43 billion ($934 million).
Energy company Eni owns 60% of the Shorouk concession located in the Zohr field while the UK-based BP and the Russian oil company Rosneft own the remaining 10% and 30%, respectively.
Mubadala Petroleum is looking forward a long-term cooperation with Egypt in the oil and gas industry, as Egypt is the company’s centre of interest, the CEO Bakheet Al Katheeri stated.
Al Katheeri expressed its company’s intentions to participate in the Red Sea’s planned global petroleum tender.
In March, Egypt’s minister of petroleum Tarek el-Molla stated that a global tender will be launched before the end of 2018 to explore petroleum wealth including new sections in the Red Sea.
