Cabinet approves three agreements for oil prospection
Minister of Petroleum Sherif Ismail - YOUM7/Hossam Atef
By THE CAIRO POST

CAIRO: In its meeting Thursday, the Cabinet, headed by Ibrahim Mahlab, approved three new agreements for oil prospecting, Youm7 reported Thursday.

The first agreement will be between the Ministry of Petroleum and Dragon Oil Company for oil prospection in the Eastern Gulf Oil region at Suez Gulf. The second will be with Dana Petroleum for prospection in the Southern Dar Valley at the Eastern Desert. Meanwhile the third agreement will be with Vega-Petroleum Company for oil prospection, also at the Eastern Gulf oil region at the Suez Gulf.

Further, the Cabinet has amended three existing agreements. One is with the American Apache Corporation for oil prospection in western Kalabsh’s region at the Western Desert. The second is with Apache Khalda Petroleum Company for prospection at the Siwa’s region in the Western Desert. Meanwhile the third agreement is with Apache West Kanayes Company for oil prospection at the West Kanayes region in the Western Desert.

Moreover, the Cabinet has also approved a decision to attribute a project for the National Service Products Organization to run, manage and maintain the Cairo-Ismailia and Port Said road, Al-Masry Al-Youm stated.

The project is set to provide more that 10,000 job opportunities, and to pump more than 3 billion EGP in new investments.

It also ratified the special operation for implementing and connecting utilities for ten governorates in Upper Egypt within 9 months, as well as executing the second stage of road works for Ibny Betk project at October 6 City for 130 million EGP.

Additional reporting by Hend Mokhtar.

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