UK major BP and XRG, the international energy investment firm of UAE state giant Adnoc announced on 16 December that they have “reached financial close and completed formation of their new joint venture and international natural gas platform – Arcius Energy.”
The initial focus of Arcius will be Egypt, in line with the partners’ announcement in February (MEES, 16 February). But longer term they also aim “to grow a highly competitive gas portfolio.” Adnoc sees the wider Eastern Mediterranean as an important gas hub, from which it can build up its international gas arm. (CONTINUED - 1292 WORDS)
