Egypt inks deals for petroleum investments worth $1 bln

CAIRO, SEP 16 (SEE) –Egypt signed on Saturday two deals with firms from Canada, UK, Netherlands, Malaysia and Kuwait to explore  petroleum and gas in the Mediterranean and the Western Desert.

The deals include drilling 12 wells at investments of at least $1 billion.

The ministry of Petroleum announced that a grant of $2 million will be paid to Cairo upon signing one of the two deals.

The minister of Petroleum and Mineral Resources Tarek El-Molla reported that the petroleum sector will proceed with offering international bids,to boost Egypt’s production of petroleum and gas to reduce imports.

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