Egyptian parliament ratifies agreements on oil cooperation

Apr 12, 2005 02:00 AM

Egypt's parliament ratified 14 agreements with a total value of $ 957 mm between the government and foreign oil companies.
The agreements will license foreign oil companies' exploration and exploitation of oil in the country's 25,000 sq km of land.

Approval of the agreements paved the way for foreign oil companies' entry into Egypt's petroleum sector, Egyptian Minister of Petroleum Sameh Fahmy said.
Egypt has an oil reserve of 15 bn barrels and gas of 67 tcf, Fahmy said in March.

Source: Xinhua
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