April 21, 2020 / 6:43 AM / 2 months ago

Pharos Energy exits group looking to buy Shell's Western Desert assets

April 21 (Reuters) - Pharos Energy said on Tuesday it was withdrawing from a consortium evaluating the acquisition of Shell Egypt NV’s assets in Western Desert in Egypt, amid a collapse in global oil prices.

Acquisition of the upstream portfolio is unlikely to be in shareholders’ best interests in light of current market conditions, Pharos Energy said. (Reporting by Shanima A in Bengaluru; Editing by Sriraj Kalluvila)

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