An affiliate of Egypt Kuwait Holding is set to take a 5% slice in Sudan’s Petrodar for $400 million, the company said.
A company statement sent to the Egyptian Stock Exchange said its subsidiary Tri Ocean signed the agreement with Sudanese state-owned company Sudapet, which is one of the shareholders of Petrodar.
Petrodar has a 74,000 square kilometre concession in Sudan, with confirmed oil reserves of more than 1 billion barrels and production of 200,000 barrels per day, it added.
“Oil is transported to Port Sudan to be exported through a giant 1300 kilometre pipeline, also owned by Petrodar,” Mohamed Al Ansary, the managing director of Tri Ocean was quoted in the statement as saying.
Other Petrodar shareholders include Chinese companies Sinopec and China National Petroleum Corporation and Malaysia’s Petronas Carigali, a Reuters report said.