2023-09-01 16:40:00
(Ecofin Agency) – In June, SDX announced its intention to sell its portfolio of assets in Egypt. Until then, the company has not specified the identities of the potential buyers who have come forward, let alone the amount of the planned transaction.
The British oil and gas company SDX Energy is expected to sell the entire portfolio of assets it holds in Egypt. On Wednesday August 30, the company announced that it had signed a non-binding memorandum of understanding to this effect, with a multinational whose identity it did not reveal.
Until now, SDX was only considering selling 33% of the 55% of its direct stake in the South Disouq gas concession. It seems that the change in the management team of the company has modified the plan initially planned.
As a result, the company is no longer targeting the sale of part of its interests on the spot, but all of them. The disposal project also includes the West Gharib concession in which SDX holds a non-operated 50% direct interest.
Through this sale, which should be finalized by the end of the fourth quarter of 2023, subject to government approvals, among others, SDX wants to focus on diversifying its activities. This, by moving towards the energy transition sector in Morocco, considered to have the greatest potential.
“The planned sale of SDX’s Egyptian assets will be an important step in the company’s transition roadmap that we will soon present to our shareholders. SDX, relaunched by new management, will focus on monetizing exciting opportunities around its Moroccan assets and sector studies related to the energy transition, in order to support capital growth towards our shareholders in the short term.declared Daniel Gould, the new general manager of SDX.
Abdel-Latif Boureima
Read also:
06/12/2023 – Egypt: SDX announces its intention to offload its portfolio of assets in the country
09/03/2023 – Egypt: SDX restructures the offer to sell its shares in South Disouq
03/02/2022 – Egypt: SDX Energy will sell 33% of its shares in the South Disouq concession
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