ADNOC’s XRG Hits the Market with British JV in Egypt

ADNOC’s XRG Hits the Market with British JV in Egypt

OilPrice.com

Published

Abu Dhabi’s financially backed group XRG and British oil and gas major BP have closed a deal to set up a new natural gas joint venture in Egypt. The new JV will be called Arcius Energy, 51% owned by BP and 40% by XRG, with Egypt as its main focus. In statements to the press, BP CEO Murray Auchincloss said, "Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region." The British major indicated that Arcius Energy has been assigned a 10% interest in…

Full Article