Greece's biggest refiner Hellenic Petroleum has sold rights to drill for hydrocarbons in Egypt as it focuses on its core downstream activities to cope with recession at home, it said on Thursday.
Hellenic sold 70 percent of its exploration rights in Egypt's West Obayed region to local operator Vegas Oil&Gas, it said in a statement. Hellenic will hold a 30 percent stake in a joint venture between the two companies.
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Source: Reuters
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