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.