September 22, 2008 / 3:17 PM / 10 years ago

Hellenic Petrol sells Libyan expro to GDF Suez

ATHENS, Sept 22 (Reuters) - Greece’s largest oil refiner Hellenic Petroleum (HEPr.AT) said on Monday it agreed to sell its natural gas exploration and production rights in Libya to France’s GDF Suez GSZ.PA for 104 million euros ($152 million).

“The agreed price is 104 million euros which is higher than the drilling expenses up to now, while all Hellenic Petroleum’s expenses for 2008, estimated at about $20 million, will be also covered,” the refiner said in a statement.

Hellenic Petroleum had a 20 percent stake in a consortium which has hydrocarbon exploration and production rights in six areas at the Sirte and Murzuq sites in Libya.

Australian oil and gas producer Woodside (WPL.AX) and Spanish energy firm Repsol (REP.MC) have 45 percent and 35 percent stakes each in the consortium.

The refiner said the deal was part of its strategy to restructure its natural gas exploration and production porfolio to cut costs, as the production of natural gas in the area needs high capital expenditure.

It said it will continue its oil and gas exploration activities in Egypt. (Reporting by Angeliki Koutantou; Editing by Greg Mahlich)

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