Egypt grants Russian company petroleum concession in strategic area
Cairo - Saba:
Egyptian media revealed, on Monday, that Egypt has agreed to grant a Russian company a petroleum concession in a strategic area, after the latter submitted an offer of more than $20 million.
The Egyptian newspaper "Al Mal" quoted unnamed senior sources as saying in statements that the Egyptian government, represented by the Ministry of Petroleum and the South Valley Holding Company, granted the Russian company "Lukoil" the rights to exploit the "South Valley Al-Sahel" petroleum concession, west of the Gulf of Suez, by direct order.
The mechanism of the direct order differs from the traditional bidding system, which allows companies to submit comprehensive offers to obtain specific concession areas, which are evaluated by the competent authorities, for acceptance or rejection.
According to reports, the Russian company "Lukoil" submitted an offer to the Egyptian government that includes pumping investments worth a minimum of $22.5 million, with its commitment to drill 6 exploratory wells distributed over two periods of research and exploration.
The agreement came after a meeting between the Egyptian Minister of Petroleum, Tarek El Molla, and the Vice President of the Russian company "Lukoil", Ivan Romanovsky.
It is noteworthy that the Russian company "Lukoil" concession areas in Egypt include several sites, including the Maliha area in the Western Desert, where it owns a 24% stake in partnership with the Italian company "Eni", as well as the West Esh El Malaha area and its extensions in partnership with the Egyptian company "Tharwa Petroleum" with a percentage of 50% for each party.
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