Repsol signs $ 400 mm Egypt gas deal

Jan 15, 1997 01:00 AM

Jan. 8, 1997 Spanish Repsol has signed an agreement with the Egyptian General Petroleum Co (EGPC) to produce natural gas discovered in Egypt's western desert. Under the 10-year agreement, the Khalda concession, where the natural gas was discovered, will produce 200 million cubic feet per day. This will be taken by EGPC and used principally to generate electricity for projects in the Alexandria region. Repsol owns 50 % of the Khalda Group. Apache Group owns a further 40 %, and South Korea's Samsung Group the remaining 10 %. "The signing of this contract implies the development of gas reserves estimated at 14 bncm and assumes an investment of more than $ 400 million for the Khalda Group," Repsol said. Repsol expected production to begin in July 1999. The project will involve the installation of two gas plants in the Salam and Tarek areas that will connect with the main gasline in the area.

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