CAIRO, Jan 14 (Reuters) - Shell Egypt RDSa.L has received government approval to buy a 40 percent stake in an oil and gas concession in Egypt's Western Desert, the firm said on Thursday.
The current co-owners, GDF Suez GSZ.PA and privately-owned Vegas Oil and Gas, will each sell a 20 percent stake in the Alam El Shawish West Concession, Shell Egypt said.
Shell Egypt will operate the venture. Vegas will retain a 35 percent stake and GDF Suez will keep 25 percent, the firm said. (Reporting by Maha El Dahan; Writing by Alastair Sharp)
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.