Cairo – Mubasher: Egypt’s oil authority signed a final agreement for a partnership with Kuwait Energy for exploration of oil and natural gas in Iraq, announced the Oil Minister Tarek El Mullah.
Under the agreement, Kuwait Energy conceded to The Egyptian General Petroleum Corporation (EGPC) its 10% share in concession area No. 9 in Iraq’s southern province of Basra.
"The agreement opens up the space for the oil sector to find sources of oil outside Egypt for the first time, following the example of many other countries," Mullah said.
The final agreement was signed Wednesday in Iraq, in implementation of an accord reached during Egypt’s economic summit held last March in Sharm El Sheikh resort.
The minister stressed that the partnership is a qualitative leap in relations between Egypt, Kuwait and Iraq in joint Arab operations in oil and natural gas sector.
