Mubadala Petroleum acquisition in Shorouq

Mubadala Petroleum acquisition in Shorouq

On March 11, Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Mr. Paolo Gentloni, Prime Minister of Italy, presided the ceremony of the signing of an agreement between Mubadala Petroleum Company, a subsidiary company to Mubadala Investment Company, and Eni. Under this agreement, Mubadala buys 10 percent of Eni’s stake in Egypt’s Shorouq gas concession, including the Dhohr natural gas field.

Eni has a 60 % stake in the concession and operates the field. While BP owns 10 % and 30 % for Rosneft.

The completion of the transaction requires obtaining the approval of the Egyptian government authorities within the legal requirements that must be fulfilled.

The agreement was signed by Sheikh Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala Investment Company, on behalf of Mubadala Petroleum, and Claudio Discalzi, CEO of ENI, on behalf of the Italian company.

Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, in addition to a number of ministers and officials concerned, also attended the signing ceremony.

About Author

Arnaud Lefevre

Arnaud Lefevre is the Chief Executive Officer of Dynatom International. Arnaud is in charge of the international development of the business portfolio.