MILAN, June 28: Italian power company Edison said on Friday it had closed a deal to sell gas assets in Egypt to Malaysia’s Petronas for 1.6 billion euros.

Italy’s number two utility by assets and output confirmed in a statement it had sold its 50 per cent stake in the West Delta Deep Marine concession, which it owns with Britain’s BG Group.

Edison confirmed the sale would cut its debt by around 1.7bn euros and give it a 300m euro capital gain.

Its total debt stood at 6.4 billion at the end of 2002 and the Milan-based group has said it hopes to chop that by 60pc by 2007.—Reuters