The Egyptian Cabinet approved a draft law giving permission to the Ministry of Petroleum to sign a contract with LukOil Overseas Egypt Ltd on Wednesday.
The contract will also be signed with and the Egyptian General Petroleum Corporation (EGPC) to explore oil in the West Esh El-Milaha area in the Eastern Desert.
LukOil Overseas is a subsidiary of Russia’s oil and gas company LUKOIL.
Another offer submitted by the UAE’s AMEA Power to implement new renewable energy projects in Egypt was approved as well.
The renewable energy projects include adding 1,000 megawatts to the capacity of the company’s solar energy project in Aswan.
It also includes establishing a wind energy project with a capacity of 500 megawatts in Ras Gharib.