A consortium of Cairn Energy, Pharos Energy and Egypt’s Cheiron Petroleum has moved to a second round of bidding for Royal Dutch Shell’s (RDS.A, RDS.B) Egypt Western Desert assets in a deal that could value the business at as much as $1B, Bloomberg reports.
Shell is said to be moving ahead with the planned sale for now despite a dim global atmosphere for dealmaking amid the coronavirus crisis.
The rout in oil prices could affect the amount buyers are willing to pay, and Shell may not be able to achieve its initial price expectations, according to the report.
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