Egypt signs 4 oil, gas deals worth $155 million

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Storage tanks of kerosene are seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
Storage tanks of kerosene are seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt. REUTERS/Amr Abdallah Dalsh

Egypt’s Minister of Petroleum Tarek al-Molla on Wednesday said four new agreements valued at 155 million U.S. dollars were signed with local and international companies for exploration of oil and natural gas.

The exploration works will take place in the Western Desert, the Gulf of Suez and Nile Valley for drilling 30 wells, al-Molla added in statement.

He highlighted the importance of signing new agreements on oil and gas exploration as “the major pillar for oil activities in Egypt.”

Such deals will ensure increasing and maximizing the oil and gas production that is considered “as a vital sector for luring foreign investments and boosting the national economy.”

He added that 103 oil deals have been signed since 2013.

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