Shell offers Indian gas firm minority stake in Egyptian gas field
Oil major Royal Dutch/Shell has offered India’s GAIL gas firm a 15 percent stake in an offshore gas field in Egypt. GAIL is eyeing stakes in overseas projects in order to meet growing domestic gas demand, reported PTI.
"We have carried out the technical due diligence and we plan to go through the financial due diligence," GAIL chairman and managing director, Prosanto Banerjee told reporters.
According to Banerjee, the offer is part of the Memorandum of Cooperation signed by the two companies in January for the transfer of liquefied natural gas (LNG) and the construction of production facilities. Also on the table are shares in two city gas distribution companies in Egypt.
Shell Companies in Egypt are wholly owned by the Royal Dutch/ ShellGroup of Companies. Active in Egypt since 1911, Shell operations in Egypt cover upstream oil and gas exploration and production, downstream marketing services and gas distribution. — (menareport.com)
© 2003 Mena Report (www.menareport.com)