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Edison Sale Deadline on Abu Qir Slips to 2010

Source: Reuters 7/20/2009, Location: Africa

Italian Power Company Edison SpA plans to sell a 25 percent stake in Egyptian gas field Abu Qir field by early 2010, chief executive Umberto Quadrino told reporters on Monday.

"We aim for the end of this year or early next year. We hope to sell it at a profit," he said on the sidelines of a forum.

Quadrino had said in January that Edison might sell a 25 percent stake in the field and that a 10 percent stake could be sold "in the near future".

He has also said French utility EDF was among parties that might be interested and last December said a decision should be made in the first quarter of 2009.

Edison agreed to buy the Abu Qir field in 2008 for $1.405 billion. It has reserves of about 70 billion cubic metres of gas equivalent of which Edison is entitled to about 40 percent.

Quadrino also said on Monday he was satisfied with Edison's first-half results. Italy's second-largest power producer after former monopoly Enel is due to hold a board meeting on first-half results on Friday.

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