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Egypt: BP to sell mature oil assets to Dragon Oil

BP has agreed to sell its interests in oil concessions in the Gulf of Suez to Dubai-based Dragon Oil as part of a portfolio review. The producing and exploration concessions include BP’s interest in the Gulf of Suez Petroleum Company (Gupco). Dragon Oil is owned by the Emirates National Oil Company. BP said the deal was expected to complete in H2 2019 and was part of its plan to divest more than $10bn of assets globally over the next two years.

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