Oil Egypt accountACCOUNT King Tut

Apicorp Sells Alexandria Carbon Stake to Indian Group

Source: Reuters 12/28/2010, Location: Egypt

Share |
The Arab Petroleum Investments Corp (Apicorp) said it sold its 12 percent stake in Egypt's Alexandria Carbon Black Co (ACBC) to India's Aditya Birla Group to free up funds for new investments.

Apicorp did not disclose the financial terms of the deal.

"This sale is part of an investment strategy to redeploy funds for diversification into new midstream sectors, particularly oil refining, storage, transport and shipping," Chief Executive Ahmad Bin Hamad Al-Nuaimi said in a statement.

ACBC produces carbon black, which is used to produce tires and other rubber-based products.

The Aditya Birla Group is an Indian conglomerate with interests ranging from cement to retail.

Egypt >>  6/24/2018 - One of the largest wind power farms in the world will be inaugurated by the Ministry of Electricity and Renewable Energy in Egypt, as part of the coun...
Egypt >>  6/21/2018 - SDX Energy Inc. (SDX), theNorth Africa focused oil and gas company, provides the following summary of its recent drilling campaigns at South Disouq (E...

Egypt >>  6/20/2018 - Eni has finalized a 10% stake sale in the Shorouk concession to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company. The Shor...
Egypt >>  6/19/2018 - Rockhopper Exploration plc (RKH) is pleased to provide the following operational and corporate update in relation to its Egyptian portfolio. ...

Egypt >>  6/18/2018 - SDX Energy Inc. (SDX), the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its SD-4X well in t...
Egypt >>  9/25/2014 - Egypt's state-run Egyptian General Petroleum Corporation (EGPC) declared that Egypt received a share of the foreign partnerís oil and gas revenues of ...

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us