BP AND SHELL PULLING OUT OF GULF OF SUEZ

BP Exploration and the Royal Dutch/Shell Group are selling their interests in the Suez Oil Co. (SUCO). SUCO is an Egyptian group operated by Germany's Deminex AG that conducts upstream work in the Gulf of Suez off Egypt. The three European companies each have a 16.67% stake in SUCO, with state owned Egyptian General Petroleum Corp. holding the remainder. SUCO produces about 105,000 b/d of oil from three fields in the Gulf of Suez. Ras Budran and Ras Fanar are 1978 discoveries, and Zeit Bay

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