LONDON (Alliance News) - Oil giant BP PLC has sold of its interests in the Gulf of Suez, Egypt, to a subsidiary of Emirates National Oil Co for an undisclosed amount.
The deal, BP said, with Dragon Oil is part of a plan to sell more than USD10 billion worth of assets over the next two years.
BP Chief Executive Bob Dudley said: "Egypt is a core growth and investment region for BP. In the past four years we have invested around USD12 billion in Egypt – more than anywhere else in our portfolio – and we plan another USD3 billion investment over the next two years.
"We look forward to continuing to broaden our business here, working closely with the government of Egypt as we develop the country's abundant resources."
BP has started four new gas projects in Egypt in the past two years, and the company currently produces some 60% of the country's entire gas.
BP shares closed 0.7% higher on Monday at a price of 544.00 pence each.
BP (BP.)