Mubadala to buy 20 pct interest in Egypt’s Nour offshore concession from Eni

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DUBAI (Reuters) – Abu Dhabi state fund Mubadala Investment Company’s oil business has agreed to buy a 20 percent participating interest in Egypt’s Nour North Sinai Offshore Area concession from Italy’s Eni, it said on Monday.

Eni, which operates the concession through a subsidiary, holds an 85 percent interest in partnership with Tharwa Petroleum Company, which holds a 15 percent interest.

Mubadala Petroleum said the deal was subject to conditions, including approval from Egyptian government authorities.

Reporting by Alexander Cornwell

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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