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Report: BP nears sale of stake in Egyptian oil company to Dragon Oil

BP PLC is nearing the sale of its stake in the Gulf of Suez Petroleum Co., or GUPCO, to Dubai's Emirates National Oil Co. Ltd. (ENOC) LLC subsidiary Dragon Oil PLC, according to a May 23 report from Reuters, citing unnamed sources.

The sale is expected to be completed in the coming weeks, Reuters said.

GUPCO is a joint venture of BP and Egyptian General Petroleum Corp.