German energy giant RWE to sell Egyptian assets: report

23rd December 2011, Comments 0 comments

German energy giant RWE has put its assets in Egypt up for sale in a bid to raise about one billion dollars, three people familiar with the matter told Dow Jones Newswires Friday.

The assets are shares in two undeveloped oil and gas fields belonging to its subsidiary Dea, it said.

A RWE spokeswoman, asked by AFP, declined to comment but highlighted the Dea unit was on the group's list of potential sell-offs.

The energy supplier is in need of fresh cash because earnings are being hit by a decision by Germany to phase out nuclear power and a generally difficult market environment.

It intends to divest 11 billion euros' ($14 billion) worth of assets before the end of 2013, after already having completed a planned capital increase of some 2.1 billion euros.

© 2011 AFP

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