The Wall Street Journal: Shell Sells Rosetta Concession Stake In Egypt To Kuwait Foreign Petroleum Exploration Company
DOW JONES NEWSWIRES
June 4, 2004 10:57 a.m.
Posted 5 June 04
Edited Press Release
LONDON -- Shell Egypt NV and Shell Austria GmbH and Kuwait Foreign Petroleum Exploration Company ksc (KUFPEC) Friday announced that an agreement has been reached for the sale to KUFPEC Ltd (a wholly owned subsidiary of KUFPEC) of Shell 's 40% stake in the BG operated Rosetta Concession in the Nile Delta, some 65 kilometres offshore Egypt, including the currently producing gas field and onshore/offshore plant.
The transaction is expected to be completed later this year, subject to all necessary Egyptian and Kuwaiti approvals, as well as the pre-emption and approval rights of partners in the concession. The terms of the transaction remain commercially confidential.
Shell will retain its holdings in the Western Desert, Nile Delta and NEMED concessions in Egypt's upstream. In addition the Group has large investments in the downstream market in Egypt through its interest in Shell Marketing Egypt, Natgas and Fayum.