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Cash-strapped Petroceltic up for sale

The fall in the oil price combined with Egypt’s failure to remit funds owed for oil and gas supplied to the domestic market has forced the management of Dublin-based Petroceltic International to put the company up for sale while simultaneously divesting its Egyptian assets. Italy’s Edison International has already taken over Petroceltic’s stakes in the prime offshore blocks that it operates, at what may turn out to be a bargain price. Several producing onshore Egypt fields will be sold next, leaving the Ain Tsila gas development in Algeria as the core asset to be sold with the company.

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