bp: creates new Arcius Energy joint venture

(CercleFinance.com) - bp and XRG have announced that they have closed the financing and finalised the creation of their new joint venture and international natural gas platform - Arcius Energy.


Arcius Energy is 51%-owned by bp and 49% by XRG, ADNOC's investment company. Arcius Energy will initially focus on the development of gas assets in Egypt.

Arcius Energy will concentrate on natural gas growth to meet growing regional demand while supporting Egypt's energy security and economic development.

The new joint venture will combine the strong technical capabilities and proven development track record of both partners with the aim of developing a highly competitive gas portfolio, bp says.


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