Norton Rose Fulbright Advises bp on Landmark Egypt JV
Global law firm Norton Rose Fulbright has successfully advised bp on its strategic entry into a joint venture (JV) with the Abu Dhabi National Oil Company (ADNOC) in Egypt.
Under the terms of the agreements, bp will hold a 51% stake in the JV, while ADNOC will hold a 49% stake. The venture aims to develop a highly competitive gas portfolio in the region.
bp will contribute its interests in three existing development concessions, along with exploration agreements, to the JV. Additionally, ADNOC will provide a proportionate cash contribution to fuel future growth opportunities.
The formation of the JV is subject to regulatory approvals and clearances and is expected to be finalized in the second half of 2024.
The multi-disciplinary team at Norton Rose Fulbright was led by London-based Partner Hussain Kubba, alongside corporate Partners Andrew Davies and Nicolas Sirtoli (all pictured left to right). Further transaction support was provided by Partners Dominic Stuttaford (Tax), Ian Giles (Competition), Neha Khosla (Banking) and Mike Knapper (IP) as well as fee-earners from across the firm.
Matouk Bassiouny & Hennawy acted as local legal counsel for ADNOC Group. The firm’s team was led by Omar Bassiouny (Founding Partner and Group Head of Corporate and M&A) and Mahmoud Bassiouny (Regional Managing Partner and Group Head of Finance & Projects. For further information about the involved team members, click here.
