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RWE-Dea, Germany’s second largest oil firm, has been sold to a group of Russian investors. The €5.1bn ($7.1bn) sale by financially troubled utility giant RWE to LetterOne, an investment vehicle headed by Mikhail Fridman, Russia’s second richest man, was announced on 17 March, ending months of speculation over the fate of Dea.
It also puts an end to the prospect that the RWE subsidiary would merge with Wintershall, Germany’s largest international oil company (IOC), to create a German ‘national champion’ with a substantial MENA presence (see p17).
Dea’s regional portfolio is anchored in Egypt, where it started up gas production at its Disouq concession in the Nile Delta last September. The company also has around 30% of the West Nile Delta project it is developing with BP. Start-up is scheduled for 2017, after negotiation over the price the consortium will receive for its gas pushed back the timeline. In addition, Dea is looking to develop Gulf of Suez concessions. (CONTINUED - 576 WORDS)
DATA INSIDE THIS ARTICLE
|table||RWE-DEA Oil & Gas Production (Net)|
|table||RWE-DEA: Key MENA Expansion Projects|