* Private equity firm hopes to raise up to $400mln
* Citigroup running process, bids expected by July
By Ron Bousso
LONDON, April 20 (Reuters) - Private equity firm YorktownPartners is selling its Egyptian-focused oil and gas companyMerlon International, hoping to raise up to $400 million, twobanking sources told Reuters.
The process is being run by Citigroup and bids are expectedto be finalized in July, according to one of the sources.
New York-based Yorktown Partners and Houston-headquarteredMerlon did not respond to requests for comment by email andphone. Citi declined to comment.
Merlon produced around 7,900 barrels of oil equivalent perday in 2017 from more than 50 wells in the El Fayum region, 80kilometres (50 miles) south of Cairo, according to its website.
El Fayum has estimated recoverable resources of 125-150million barrels and had produced around 18 million barrels bythe end of last year.
The development concession was awarded in 2004 and the leasecould be extended until 2040.
Interest in Egypt's oil and gas sector has risen in recentyears following a number of large gas offshore discoveries andeconomic reforms in the country.
BP is also seeking buyers for its stake in a50-year-old onshore oil and gas business in Egypt as it focuseson newer deepwater gas fields off the country's Mediterraneancoast.
(Reporting by Ron Bousso; Editing by Susan Fenton)
BP (BP.)
