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German energy giant RWE to sell Egyptian assets: report - Daily News Egypt

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German energy giant RWE to sell Egyptian assets: report

BERLIN: German energy giant RWE has put its assets in Egypt up for sale in a bid to raise about $1 billion, three people familiar with the matter told Dow Jones Newswires Friday. The assets are shares in two undeveloped oil and gas fields belonging to its subsidiary Dea, it said. A RWE spokeswoman, asked …


BERLIN: German energy giant RWE has put its assets in Egypt up for sale in a bid to raise about $1 billion, three people familiar with the matter told Dow Jones Newswires Friday.

The assets are shares in two undeveloped oil and gas fields belonging to its subsidiary Dea, it said.

A RWE spokeswoman, asked by AFP, declined to comment but highlighted the Dea unit was on the group’s list of potential sell-offs.

The energy supplier is in need of fresh cash because earnings are being hit by a decision by Germany to phase out nuclear power and a generally difficult market environment.

It intends to divest €11 billion ($14 billion) worth of assets before the end of 2013, after already having completed a planned capital increase of some €2.1 billion.

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https://www.dailynewsegypt.com/2011/12/25/german-energy-giant-rwe-to-sell-egyptian-assets-report/
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