Daily News Egypt

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

Advertising Area



Advertising Area




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.

Advertising Area

Advertising Area



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

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View