The UAE-based ADNOC Group has recruited consultants to assist it in preparing a proposal to be presented to officials of the Egyptian National Petroleum Company for the official purchase announcement.
Sources close to the file told (Al-Borsa) newspaper that the deal is planned to be executed during the second half of the year and no later than the end of December. The alternatives available to the Emirati company include buying A share of the company or its purchase in full.
Among the tasks that ADNOC intends to appoint will assist the company in determining the value of the bid for Wataniya Petroleum.
The UAE group, ENOC, known as the Emirates National Oil Company, which is owned by the Dubai government, competed to acquire a national group alongside the Aldrees Petroleum and Transport Services Company, which also expressed its interest in the deal within the framework of the discussions. It took place with a number of investors during the last stage, in addition to an Arab energy company from Egypt.
