CAIRO - 9 March 2021: Shell Egypt and one of its affiliates are engaged in a sales and purchase agreement (SPA) with a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC for up to $926 million, for their upstream assets in Egypt’s Western Desert. A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction between a buyer and a seller. According to Shell Egypt, the package of assets consists of Shell Egypt’s interest in 13 onshore concessions and the company’s share in the Badr El-Din Petroleum Company (BAPETCO). “Today’s announcement is consistent with Shell’s efforts to shift our Upstream portfolio to one that is more focused, resilient and competitive” Shell’s Upstream Director Wael Sawan said. “The deal will deliver value to Shell and to Egypt.

Source: Egypt Today March 09, 2021 14:03 UTC