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Lukoil discusses new projects in Egypt — minister

Another license round on oil and gas sections is currently taking place in Egypt, with the process to be completed by the end of March, Tarek El Molla added

ALGIERS, March 1. /TASS/. Lukoil is interested in expansion of operations in Egypt, discussing new concession areas, the country’s Minister of Petroleum and Mineral Resources Tarek El Molla told reporters.

"They are good partners and they want to boost business in Egypt, they are discussing new concession areas," he said.

Another license round on oil and gas sections is currently taking place in Egypt, with licensing on them to be completed by the end of March, the minister added. When asked whether Lukoil is interested in participating in it, El Molla said: "I don’t know, the proposals have not been opened yet. But they are already Egypt’s partners, they are already here and they want to grow."

Earlier, the Egyptian parliament approved the conclusion of a contract with Egyptian General Petroleum Corporation and Lukoil Overseas for exploration and production of oil in the Esh El-Mallaha area in the country’s east.

Lukoil already implements a number of oil and gas projects in the Arab Republic. In particular, the company is the operator of the WEEM Extension project with a 50% share, it also participates in the Meleiha and West Esh El-Mallaha projects with shares amounting to 24% and 50%, respectively.

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