ADNOC’s XRG Hits the Market with British JV in Egypt

Abu Dhabi’s financially backed group XRG and British oil and gas major BP have closed a deal to set up a new natural gas joint venture in Egypt. The new JV will be called Arcius Energy, 51% owned by BP and 40% by XRG, with Egypt as its main focus. In statements to the press, BP CEO Murray Auchincloss said, "Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region." The British major indicated that Arcius Energy has been assigned a 10% interest in…