Petronasof Malaysia is understood to be one of the shortlisted bidders, but Edison has declined to reveal the identities of the other two companies. An official announcement on the status of the bidding process is expected shortly after a shareholders' meeting on 29 April. Chairman Umberto Quadrino has set a deadline of 30 June for the sale (MEED 4:4:03).

Edison is expected to raise as much as $1,000 million from the sale of the assets, which comprise a 50 per cent stake in the West Delta Deep Marine concession and a 35.5 per cent stake in the Egyptian Liquefied Natural Gasproject at Idku.