Energean to sell portfolio in Egypt, Italy, Croatia to Carlyle International Energy Partners

Energean. The Energean group posted notable growth in its fundamentals in January-June, paying out a dividend to its shareholders for the first time since its establishment in 2007. Energean attributed that to recent large investments, with the development of the Karish field in Israel and the acquisition of the gas and oil portfolio of Edison E&P.

Energean announced an agreement to sell its portfolio in Egypt, Italy and Croatia to Carlyle International Energy Partners for a price of up to 945 million dollars and not less than 820 million dollars.

The price according to Energean is more than three times the cost of acquiring the specific assets from Edison which was 284 million dollars in 2020.

The agreement as indicated creates sufficient cash liquidity for Energean to fully repay the 450 million dollar Corporate Bond and to facilitate the payment of an extraordinary dividend of up to 200 million dollar to shareholders. It also allows Energean to focus on its natural gas-based development strategy, marked by the development of the Karish and Karish North fields in Israel as well as the recent entry into the Anchois field in Morocco.

"Going forward, Energean will seek to grow further in the Mediterranean...

Continue reading on:

www.ekathimerini.com

Learn more on tagged terms