Shell Egypt signed an agreement to sell its onshore assets in the Western Desert of Egypt for a total sum of about $ 926 million.
According to Arabnet, Shell said in a statement that the repayment of the deal will be valued at an initial value of $ 646 million and payments that could reach $ 280 million between 2021 and 2024, depending on the price of oil and the results of future explorations.
Shell has been operating in Egypt since 1911, and its activity includes exploration and production of oil, marketing of gas and petroleum products, and distribution.
In addition, she said that the deal is subject to government approvals, and is expected to be completed in the second half of this year.
Shell's onshore assets in Egypt include 13 concessions and its stake in Badr El Din Petroleum Company.
