Deals
Cairn, Pharos Are Said to Advance in Deal for Shell Egypt Assets
- Egypt’s East Gas also among companies in second round of bids
- Planned sale is progressing despite the coronavirus pandemic
Photographer: Simon Dawson/Bloomberg
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A consortium of Cairn Energy Plc, Pharos Energy Plc and Egypt’s Cheiron Petroleum has proceeded to a second round of bidding for Royal Dutch Shell Plc’s onshore assets in the African country, in a deal that could value the business at as much as $1 billion, people familiar with the matter said.
Shell is proceeding with the planned sale for now despite the coronavirus crisis hampering deal-making globally, the people said, asking not to be identified as the matter is private. Egypt’s East Gas Co. is also among suitors that have been invited to the next round of bidding, the people said.