31 January 2014

Egypt: Three Petroleum Agreements Signed With Investments of U.S. $165 Million

Petroleum Minister, Eng. Sherif Ismail signed three agreements for the General Petroleum Authority and the Egyptian Natural Gas Holding Company (EGAS) at total investments of 165 million dollars at minimum.

The agreements aim to prospect for petroleum and gas in the areas of Sinai, Gulf of Suez and the Mediterranean sea.

The first agreement was signed between the General Petroleum Authority and Dana Petroleum, Keltec Petroleum and British Petroleum at investments worth 15 million dollars at minimum, said the minister.

The Minister further said that the second agreement was signed between the Egyptian Natural Gas Holding Company (EGAS) and Italy's IEOC Company.

The last agreement was an amendment to an agreement of the general petroleum company to extend the contract in the Gulf of Suez for 15 years, he added.

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