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Energean to sell its portfolio in Egypt, Italy and Croatia

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 dollars and not less than 820 million dolalrs.

The price according to Energean is more than three times the cost of acquiring the specific assets from Edison which was 284 million dollars in 2020.

The agreement as indicated creates sufficient cash liquidity for Energean to fully repay the 450 million dollar Corporate Bond and to facilitate the payment of an extraordinary dividend of up to 200 million dollar to shareholders. It also allows Energean to focus on its natural gas-based development strategy, marked 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 to grow further in the Mediterranean but also look for opportunities in Europe, the Middle East and Africa, especially in areas where there is a long-term support policy for natural gas and to replace coal. The group will also focus on the creation of a carbon dioxide storage hub in Greece and the wider Mediterranean area through the subsidiary EnEarth,” the announcement stated, according to Greek state-run news agency amna.

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