Yorktown selling Egypt oil business Merlon

Private equity firm Yorktown Partners is selling its Egyptian-focused oil and gas company Merlon International, hoping to raise up to $400 million, two banking sources told Reuters.

The process is being run by Citigroup and bids are expected to be finalized in July, according to one of the sources.

New York-based Yorktown Partners and Houston-headquartered Merlon did not respond to requests for comment by email and phone. Citi declined to comment.
Merlon produced around 7,900 barrels of oil equivalent per day in 2017 from more than 50 wells in the El Fayum region, 80 kilometres (50 miles) south of Cairo, according to its website.