Shell completes sale of onshore assets in Egypt

Oil rises on global supply concerns

Royal Dutch Shell: The deal has obtained the required regulatory approvals.


Oil prices rose yesterday, for the fourth consecutive day, due to concerns about global supply, following two hurricanes in the United States, but the first sale of government crude reserves in China temporarily limited this rise.

Brent crude rose 12 cents, or 0.2%, to $77.37 a barrel, after reaching its highest level in two months, the day before yesterday, Thursday, and closing at its highest level since October 2018.

The price of US oil also rose six cents, or 0.1%, to $ 73.36 a barrel, after closing up 1.5% in the previous session, its highest level since the beginning of August 2021.

Data from the US Energy Information Administration showed that stocks fell to their lowest levels in nearly three years, after damage from two hurricanes led to high levels of withdrawals in the United States.

Prices fell briefly yesterday, after the first public sale of state reserves in China.

State-owned PetroChina and Hengli Petrochemical Corporation bought four shipments totaling about 4.43 million barrels, sources familiar with the purchase auction said.

Woodmack analysts said just before the auction that it would have little impact on the market because of the volume of sales relative to China's consumption and imports.

In another context, Royal Dutch Shell said yesterday that it had completed, through its two units: Shell Egypt and Shell Austria, the sale of upstream assets in the Western Desert in Egypt to Chiron Petroleum Corporation and Kern Energy.

The deal, announced last March, worth $926 million, includes Shell Egypt's stake in 13 onshore concessions, and its stake in Badr El Din Petroleum Company.

Royal Dutch Shell said in a statement that the deal had obtained the required regulatory approvals.

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