Malaysian state oil company Petroliam Nasional Berhad (Petronas) has started to launch bids to sell its upstream in Africa, including Egypt, with costs of up to $3 billion, Bloomberg reported referring to sources familiar with the matter.

Petronas has upstream projects in Chad, Egypt, Gabon, Gambia, Senegal and the Republic of South Sudan.

The company is consulting an adviser to evaluate interest in the portfolio, the anonymous sources said, noting that these assets are likely to attract other international energy companies or financial investors, and could be sold piecemeal to different buyers.

Petronas also is also discussing the situation of its downstream assets in Africa. However, it has not taken any decision, two of the sources said.