Abu Dhabi – Mubasher: Mubadala Petroleum, the subsidiary of Abu Dhabi state-owned fund Mubadala Investment Company, has announced completing the acquisition of a 20% stake in Nour offshore concession in North Sinai, Egypt, owned the Italian oil and gas giant Eni.
Eni is the operator of the Nour offshore concession through its Egyptian unit IEOC in collaboration with the Egyptian Natural Gas Holding Company (EGAS), while British Petroleum (BP) owns a 25% stake, and Tharwa Petroleum Company holds a 15% stake.
The acquisition deal was signed in the attendance of Egyptian petroleum minister Tarek El Molla and Mubadala Petroleum’s CEO Bakheet Al Katheeri in Sharm El Sheikh.
The purchase of a 20% stake in the Nour offshore concession is part of Mubadala Petroleum’s strategy to carry out more oversea expansions, Al Katheeri noted, indicating that this transaction is the firm’s second investment in Egypt during 2018.
The value of the acquisition was not revealed.
On 12 November, Mubadala Investment Company’s unit had signed an agreement with Eni to buy a 20% stake in the Nour offshore concession in North Sinai, Egypt.
