Pharos Energy company announced that its board decided to withdraw from the consortium that is evaluating the opportunity of acquiring Shell’s Western Desert assets, a statement issued by the company reported.

The company added that its board has determined that such acquisition is unlikely to be in shareholders’ best interest due to the current market conditions amid the coronavirus spread.

It is worth mentioning that Shell Egypt had announced in October 2019 that it is putting its current onshore upstream assets in the Western Desert up for sale to be able to focus on expanding its Egyptian offshore exploration and integrated gas business.

The company confirmed its commitment to the strategy of delivering sustainable long-term growth and delivering value for all the stakeholders the responsible management of its current portfolio and the careful selection of growth opportunities.