Cairo – Mubasher: Eni agreed to sell to the Russian firm, Rosneft, a 30% participating interest in the Shourouk Concession, where the supergiant gas field Zohr is located, according to a press release on Monday.
Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent dilution of 10% to BP which completion is ongoing, the press release indicated.
The agreed conditions include a consideration of $1,125 million and the pro quota reimbursement of past expenditures, amounting so far to approximately $450 million, the press release revealed, adding that Rosneft has an option to purchase a further 5% stake under the same terms.
The completion of the transaction is still pending to the fulfillment of certain standards, including all approvals required from Egypt’s authorities.
