VOL. XLII

No. 30

26-July-1999

EGYPT

ENI Purchases Marathon痴 Stakes In Ashrafi And Qar誕

Italy痴 ENI announced on 16 July that its wholly-ownedsubsidiary the International Egyptian Oil Company (IEOC) has reached anagreement with Marathon Egypt for the purchase of all of Marathon痴 shares intwo blocks in Egypt. Under the terms of the deal, ENI will acquire Marathon痴50% interest in the Ashrafi and 25% stake in the El Qar誕 concessions. Sale issubject to approval by the Egyptian authorities.

Ashrafi is...