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BP and Mubadala buying into Egytian gas fields

Egypt’s petroleum minister on Sunday signed an agreement with BP and UAE-based Mubadala Investment Co giving them stakes in the Nour gas field off the northern coast of Sinai.

BP will buy 25 percent and Abu Dhabi state fund Mubadala 20 percent of Italian energy company Eni’s stake, the petroleum ministry said in a statement.

Eni had held an 85 percent stake and Egypt-based Tharwa Petroleum Co holds 15 percent of Nour.

Source: Reuters

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