M&A WATCH- BP is close to selling its stake in Gulf of Suez Petroleum Company (GUPCO) to Dubai-based Emirates National Oil Company (ENOC) subsidiary Dragon Oil for USD 600 mn, industry and banking sources said, according to Reuters. The move received initial approval from the Oil Ministry. The sources gave no further details, and spokesmen from each of the companies did not comment. BP reached an agreement last year with oil and gas major SDX Energy to buy the stake, but the Oil Ministry voiced objections to the sale. GUPCO is a JV between BP and the Egyptian General Petroleum Corporation (EGPC).

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