Arab Finance: Abu Dhabi National Oil Company (ADNOC) has agreed with the British oil and gas firm bp Plc to set a new joint venture (JV) for natural gas production in Egypt, according to a press release.

ADNOC will own a 49% stake in the new JV, while bp will hold the remaining 51%.

Under the agreement, bp will contribute to the project with its interests in three concessions as well as oil exploration deals in Egypt.

On the other hand, ADNOC will provide a cash amount to be used in future expansion plans.

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