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Russia's Rosneft board to discuss buying stake in Shorouk concession in Egypt

Reuters - UK Focus

MOSCOW, Dec (Shanghai: 600875.SS - news) 5 (Reuters) - The board of Russia's Rosneft plans to discuss buying a stake of up to 35 percent in the Shorouk concession, offshore Egypt, the company said on Monday.

The board plans to discuss the potential deal on Dec. 7. Rosneft did not provide an estimated value of the deal. Last month, Eni (LSE: 0N9S.L - news) agreed to sell a 10 percent stake in the Shorouk concession to BP.

The concession includes the supergiant Zohr gas field, which was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 billion cubic meters of gas in place. (Reporting by Katya Golubkova; Editing by Christian Lowe)