Energean announced an agreement to sell its portfolio in Egypt, Italy and Croatia to Carlyle International Energy Partners for a price of up to $945 million and a minimum of $820 million.
The price, according to Energean, is more than three times the cost of acquiring these assets from Edison, which was $284 million in 2020.
The agreement is said to create sufficient cash liquidity for Energean to fully repay $450 million in corporate bonds and facilitate the payment of up to $200 million in extraordinary dividends to shareholders. It also allows Energean to focus on its natural gas-based development strategy, highlighted by the development of the Karish and Karish North fields in Israel, as well as the recent entry into the Anchois field in Morocco.
“Going forward, Energean will seek further growth in the Mediterranean, as well as seek opportunities in Europe, the Middle East and Africa, especially in those regions where there is a long-term policy to support natural gas and replace coal with it. The group will also focus on establishing a storage center carbon dioxide in Greece and other Mediterranean regions through its subsidiary EnEarth”, reports the Greek state news agency amna.
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