The sale was announced on March 9, 2021 and the effective date of the transaction is January 1, 2020. Finalization follows receipt of all necessary regulatory approvals.
With this transaction, Shell is refocusing its activities in Egypt on our existing infrastructure position in the West Delta Deep Marine (WDDM), the Harmattan Deep project and the exploration permit in the seven new blocks of the Nile Delta, Mediterranean western and Red Sea; to Midstream via our Egyptian joint venture LNG (ELNG); and downstream by Shell Lubricants Egypt (SLE).
Shell has been active in Egypt for 110 years and remains a major player in the country.Notes to Editors
- The effective date of January 1, 2020 represents the date on which the economic interest has been transferred to the buyers. The consideration will be adjusted for net cash flows after this date.
- Shell Egypt NV (“SENV”) and Shell Austria GmbH (“SAG”) (collectively referred to as “Shell” or “Sellers”) are indirectly owned by Royal Dutch Shell plc.
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