ECONOMY

Petroceltic to sell interests in Greek projects

petroceltic-to-sell-interests-in-greek-projects

Irish oil producer Petroceltic International Plc said on Wednesday it had hired bankers to conduct a strategic review, including a sale, after tumbling oil prices hurt its business.

The company announced it had appointed Bank of America Merrill Lynch and Davy Corporate Finance to begin talks with potential buyers.

Petroceltic also said it would sell its interests in projects in Egypt and Greece, and its creditors had agreed to waive some debt repayment obligations.

[Reuters]