Egypt's Minister of Petroleum Sameh Fahmi signed yesterday with the Chairman of the Naftogaz Ukrainy national joint-stock company, Oleksiy Ivchenko, a cooperation agreement on oil exploration in Egypt, with total investments of $30 million.
Chairman of the Egyptian General Petroleum Corporation (EGPC) Taha Abdel-Halim and the Ukrainian Ambassador in Cairo attended the signing ceremony. Under the agreement, the Ukrainian company will carry out gas and oil exploration works in a 974 square-kilometer area in Alam Al-Shawish in the western Desert along with commitment of digging 12 wells and paying $7 million in a signature grant.
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